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Should 8×8 Inc. (NYSE: EGHT) Revive After A -500.23% Drop From Highs?

During the last session, 8×8 Inc. (NYSE:EGHT)’s traded shares were 8.27 million, with the beta value of the company hitting 1.32. At the end of the trading day, the stock’s price was $4.36, reflecting an intraday loss of -22.28% or -$1.25. The 52-week high for the EGHT share is $26.17, that puts it down -500.23 from that peak though still a striking 0.23% gain since the share price plummeted to a 52-week low of $4.35. The company’s market capitalization is $564.93M, and the average intraday trading volume over the past 10 days was 2.51 million shares, and the average trade volume was 1.89 million shares over the past three months.

8×8 Inc. (EGHT) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.40. EGHT has a Sell rating from 1 analyst(s) out of 15 analysts who have looked at this stock. 9 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 5 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.03.

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8×8 Inc. (NYSE:EGHT) trade information

8×8 Inc. (EGHT) registered a -22.28% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -22.28% in intraday trading to $4.36 this Thursday, 08/04/22, hitting a weekly high. The stock’s 5-day price performance is -16.63%, and it has moved by -19.11% in 30 days. Based on these gigs, the overall price performance for the year is -82.39%. The short interest in 8×8 Inc. (NYSE:EGHT) is 9.46 million shares and it means that shorts have 4.66 day(s) to cover.

The consensus price target of analysts on Wall Street is $6.85, which implies an increase of 36.35% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $5.00 and $10.00 respectively. As a result, EGHT is trading at a discount of -129.36% off the target high and -14.68% off the low.

8×8 Inc. (EGHT) estimates and forecasts

Statistics show that 8×8 Inc. has outperformed its competitors in share price, compared to the industry in which it operates. 8×8 Inc. (EGHT) shares have gone down -71.01% during the last six months, with a year-to-date growth rate more than the industry average at 225.00% against 3.20. Yet analysts are ramping up their growth forecast for the fiscal year 2022. Revenue is predicted to grow 200.00% this quarter and then jump 150.00% in the quarter after that. In the rating firms’ projections, revenue will increase 20.20% compared to the previous financial year.

Revenue for the current quarter is expected to be $188.91 million as predicted by 13 analyst(s). Meanwhile, a consensus of 13 analyst(s) estimates revenue growth to $192.75 million by the end of Dec 2022.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -13.92%. While earnings are projected to return 1.20% in 2022.

EGHT Dividends

8×8 Inc. is due to release its next quarterly earnings between January 26 and January 31. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

8×8 Inc. (NYSE:EGHT)’s Major holders

8×8 Inc. insiders own 2.97% of total outstanding shares while institutional holders control 96.50%, with the float percentage being 99.45%. Blackrock Inc. is the largest shareholder of the company, while 269 institutions own stock in it. As of Mar 30, 2022, the company held over 18.25 million shares (or 15.38% of all shares), a total value of $229.79 million in shares.

The next largest institutional holding, with 14.38 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 12.12% of outstanding shares. At the market price on Mar 30, 2022, these shares were valued at $181.04 million.

Also, the Mutual Funds coming in first place with the largest holdings of 8×8 Inc. (EGHT) shares are iShares Core S&P Smallcap ETF and Vanguard Explorer Fund, Inc. Data provided on Jun 29, 2022 indicates that iShares Core S&P Smallcap ETF owns about 8.41 million shares. This amounts to just over 7.09 percent of the company’s overall shares, with a $43.33 million market value. The same data shows that the other fund manager holds slightly less at 4.16 million, or about 3.50% of the stock, which is worth about $38.11 million.

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