8×8 Inc. [EGHT] stock for 1,789 USD was sold by Zinn Matthew

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 8×8 Inc. shares valued at $1,789 were sold by Zinn Matthew on Sep 19. At $4.18 per share, Zinn Matthew sold 428 shares. The insider’s holdings dropped to 279,817 shares worth approximately $1.02 million following the completion of this transaction.

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Also, Wilson Samuel C. sold 2,875 shares, netting a total of over 12,071 in proceeds. Following the sale of shares at $4.20 each, the insider now holds 567,634 shares.

Before that, Sipes David had sold 4,586 shares from its account. In a trade valued at $19,763, the Chief Executive Officer traded 8×8 Inc. shares for $4.31 each. Upon closing the transaction, the insider’s holdings decreased to 4,586 shares, worth approximately $3.85 million.

As published in a research note from BofA Securities on August 08, 2022, 8×8 Inc. [EGHT] has been rated up from a Neutral to a Buy. Analysts at Craig Hallum upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early August. As of August 05, 2022, Oppenheimer has decreased its “an Outperform” rating to a “Perform” for EGHT. Earlier on August 04, 2022, MKM Partners initiated its rating. Their recommendation was “a Neutral” for EGHT stock.

Analyzing EGHT’s Price Performance

On Thursday, 8×8 Inc. [NYSE: EGHT] plunged -2.92% to $3.66. The stock’s lowest price that day was $3.61, but it reached a high of $3.79 in the same session. During the last five days, there has been a drop of approximately -20.61%. Over the course of the year, 8×8 Inc. shares have dropped approximately -78.16%. Shares of the company reached a 52-week high of $17.92 on 01/04/22 and a 52-week low of $3.61 on 09/22/22. A 50-day SMA is recorded $4.85, while a 200-day SMA reached $9.89. Nevertheless, trading volume fell to 1.24 million shares from 1.3 million shares the previous day.

Support And Resistance Levels for 8×8 Inc. (EGHT)

According to the 24-hour chart, there is a support level at 3.58, which, if violated, would cause prices to drop to 3.51. In the upper region, resistance lies at 3.76. The next price resistance is at 3.87. RSI (Relative Strength Index) is 32.56 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.62, which suggests the price will decrease in the coming days. Percent R is at 96.48%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is 8×8 Inc. subject to short interest?

Stocks of 8×8 Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.47 million shares to 9.46 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.93 million shares. A decline of -4.97% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.66 of the overall float, the days-to-cover ratio (short ratio) decline to 4.66.

Which companies own the most shares of 8×8 Inc. (EGHT)?

According to The Vanguard Group, Inc. filings, the company currently owns 20,115,916 shares, which is about 16.77% of the total EGHT shares outstanding. The investor’s shares have appreciated by 3,974,771 from its previous 13-F filing of 16141145.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $88,713,520. Sylebra Capital Ltd. acquire a 1.35% interest valued at $73.94 million while ArrowMark Colorado Holdings LLC sold a -72,877 stake. A total of -414,908 shares of 8×8 Inc. were sold by SSgA Funds Management, Inc. during the quarter, and -5,000,000 were sold by Tiger Global Management LLC. In its current portfolio, Archon Capital Management LLC holds 3,138,117 shares valued at $16.35 million.

In terms of 8×8 Inc. share price expectations, FactSet research, analysts set an average price target of $6.83 in the next 12 months, up nearly 65.78% from the previous closing price of $3.77. Analysts anticipate 8×8 Inc. stock to reach $10.00 by 2022, with the lowest price target being $5.00. In spite of this, 15 analysts ranked 8×8 Inc. stock as an Overweight at the end of 2022.


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