Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 8×8 Inc. shares valued at $11,940 were sold by Wilson Samuel C. on Feb 17. At $5.97 per share, Wilson Samuel C. sold 2,000 shares. The insider’s holdings dropped to 787,053 shares worth approximately $4.4 million following the completion of this transaction.
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Also, Kraus Kevin sold 1,618 shares, netting a total of over 9,809 in proceeds. Following the sale of shares at $6.06 each, the insider now holds 134,116 shares.
Before that, Middleton Hunter had sold 496 shares from its account. In a trade valued at $3,007, the Chief Product Officer traded 8×8 Inc. shares for $6.06 each. Upon closing the transaction, the insider’s holdings decreased to 496 shares, worth approximately $1.64 million.
As published in their initiating research note from Wedbush on December 15, 2022, 8×8 Inc. [EGHT] has been a Neutral and the price target has been revised to $7. This represents a 20.14% premium over Thursday’s closing price. Analysts at BofA Securities upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early August. As of August 05, 2022, Craig Hallum has increased its “Hold” rating to a “Buy” for EGHT. Earlier on August 05, 2022, Oppenheimer downgraded its rating. Their new recommendation was “a Perform” for EGHT stock which previously was a “an Outperform”.
Analyzing EGHT Stock Performance
On Thursday, 8×8 Inc. [NASDAQ: EGHT] plunged -5.57% to $5.59. The stock’s lowest price that day was $5.56, but it reached a high of $5.90 in the same session. During the last five days, there has been a drop of approximately -12.93%. Over the course of the year, 8×8 Inc. shares have jumped approximately 29.40%. Shares of the company reached a 52-week high of $6.49 on 02/08/23 and a 52-week low of $4.16 on 01/06/23. A 50-day SMA is recorded $4.99, while a 200-day SMA reached $4.99. Nevertheless, trading volume fell to 1.95 million shares from 1.15 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 5.47, which, if violated, would cause prices to drop to 5.34. In the upper region, resistance lies at 5.81. The next price resistance is at 6.02. RSI (Relative Strength Index) is 50.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.32, which suggests the price will decrease in the coming days. Percent R is at 96.77%, indicating bearish price movement. Stochastics %K at holding 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 Jan 30, 2023 dropping by -1.02 million shares to 16.43 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 17.45 million shares. A decline of -6.21% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 14.99 of the overall float, the days-to-cover ratio (short ratio) decline to 14.99.
Which companies own the most shares of 8×8 Inc. (EGHT)?
According to The Vanguard Group, Inc. filings, the company currently owns 17,767,405 shares, which is about 15.91% of the total EGHT shares outstanding. The investor’s shares have plunged by -1,132,359 from its previous 13-F filing of 18899764.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $82,219,230. Sylebra Capital Ltd. acquire a 0.60% interest valued at $67.49 million while ArrowMark Colorado Holdings LLC purchased a 3,449,502 stake. A total of 441,647 shares of 8×8 Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 418,151 were bought by Jacobs Levy Equity Management, In. In its current portfolio, D. E. Shaw & Co. LP holds 2,215,513 shares valued at $10.44 million.
In terms of 8×8 Inc. share price expectations, FactSet research, analysts set an average price target of $5.78 in the next 12 months, down nearly -7.94% from the previous closing price of $5.92. Analysts anticipate 8×8 Inc. stock to reach $7.00 by 2023, with the lowest price target being $4.50. In spite of this, 14 analysts ranked 8×8 Inc. stock as an Overweight at the end of 2023. On August 04, 2022, MKM Partners assigned a price target of “a Neutral” to the stock and initiated coverage with a $5.50.