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8×8 Inc. (NASDAQ: EGHT) Is Currently -183.19 Percent Below Its 52-Week High, But It Still Offers Strong Upside Potential.

8×8 Inc. (NASDAQ:EGHT)’s traded shares stood at 1.22 million during the last session, with the company’s beta value hitting 1.31. At the close of trading, the stock’s price was $4.76, to imply a decrease of -4.42% or -$0.22 in intraday trading. The EGHT share’s 52-week high remains $13.48, putting it -183.19% down since that peak but still an impressive 39.71% since price per share fell to its 52-week low of $2.87. The company has a valuation of $580.48M, with an average of 1.64 million shares in intraday trading volume over the past 10 days and average of 1.80 million shares over the past 3 months.

Analysts have given a consensus recommendation of a Hold for 8×8 Inc. (EGHT), translating to a mean rating of 2.50. Of 12 analyst(s) looking at the stock, 1 analyst(s) give EGHT a Sell rating. 0 of those analysts rate the stock as Overweight while 7 advise Hold as 4 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $0.09.

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

After registering a -4.42% downside in the last session, 8×8 Inc. (EGHT) has traded red over the past five days. The stock hit a weekly high of 5.44 this Thursday, 03/16/23, dropping -4.42% in its intraday price action. The 5-day price performance for the stock is -13.14%, and -22.35% over 30 days. With these gigs, the year-to-date price performance is 10.19%. Short interest in 8×8 Inc. (NASDAQ:EGHT) saw shorts transact 16.43 million shares and set a 14.99 days time to cover.

Analysts on Wall Street suggest a consensus price target of $5.81, implying an increase of 18.07% to the stock’s current value. The extremes give us $4.50 and $7.00 for target low and target high price respectively. As such, EGHT has been trading -47.06% off suggested target high and 5.46% from its likely low.

8×8 Inc. (EGHT) estimates and forecasts

Looking at statistics comparing 8×8 Inc. share performance against respective industry, we note that the company has outperformed competitors. 8×8 Inc. (EGHT) shares are 3.70% up over the last 6 months, with its year-to-date growth rate higher than industry average at 275.00% against 16.70%. Revenue is forecast to grow 80.00% this quarter before jumping 22.20% for the next one. The rating firms project that company’s revenue will grow 16.70% compared to the previous financial year.

Revenue forecast for the current quarter as set by 11 analysts is $185.46 million. Meanwhile, for the quarter ending Jun 2023, a total of 9 analyst(s) estimate revenue growth to $189.71 million.Earnings reports from the last fiscal year show that sales brought in $181.37 million and $187.62 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 2.30% before jumping 1.10% in the following quarter.

EGHT Dividends

8×8 Inc. has its next earnings report out between May 08 and May 12. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. 8×8 Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

8×8 Inc. (NASDAQ:EGHT)’s Major holders

8×8 Inc. insiders hold 3.38% of total outstanding shares, with institutional holders owning 109.49% of the shares at 113.32% float percentage. In total, 109.49% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 19.74 million shares (or 17.68% of shares), all amounting to roughly $68.12 million.

The next major institution holding the largest number of shares is Vanguard Group, Inc. (The) with 19.22 million shares, or about 17.21% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $66.31 million.

We also have iShares Core S&P Smallcap ETF and Vanguard Explorer Fund, Inc. as the top two Mutual Funds with the largest holdings of the 8×8 Inc. (EGHT) shares. Going by data provided on Dec 30, 2022, iShares Core S&P Smallcap ETF holds roughly 8.28 million shares. This is just over 7.41% of the total shares, with a market valuation of $35.76 million. Data from the same date shows that the other fund manager holds a little less at 5.64 million, or 5.05% of the shares, all valued at about 23.87 million.

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