In the last trading session, 1.64 million 8X8 Inc. (NASDAQ:EGHT) shares changed hands as the company’s beta touched 1.41. With the company’s per share price at $3.17 changed hands at -$0.01 or -0.31% during last session, the market valuation stood at $387.25M. EGHT’s last price was a discount, traded about -104.73% off its 52-week high of $6.49. The share price had its 52-week low at $2.15, which suggests the last value was 32.18% up since then. When we look at 8X8 Inc.’s average trading volume, we note the 10-day average is 1.24 million shares, with the 3-month average coming to 2.35 million.
Analysts gave the 8X8 Inc. (EGHT) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.38. If we narrow down to specifics, the data shows that 1 out of 13 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 7 recommended EGHT as a Hold, 5 felt it is a Buy and 0 rated the stock as Underweight. 8X8 Inc.’s EPS for the current quarter is expected to be $0.1.
8X8 Inc. (NASDAQ:EGHT) trade information
Instantly EGHT was in red as seen at the end of in last trading. With action 10.07%, the performance over the past five days has been green. The drop to weekly highs of 3.27 on Monday, 11/20/23 subtracted -0.31% to the stock’s daily price. The company’s shares are showing year-to-date downside of -26.62%, with the 5-day performance at 10.07% in the green. However, in the 30-day time frame, 8X8 Inc. (NASDAQ:EGHT) is 41.52% up. Looking at the short shares, we see there were 14.91 million shares sold at short interest cover period of 12.12 days.
The consensus price target for the stock as assigned by Wall Street analysts is $4.23, meaning bulls need an upside of 25.06% from its current market value. According to analyst projections, EGHT’s forecast low is $2.00 with $7.00 as the target high. To hit the forecast high, the stock’s price needs a -120.82% plunge from its current level, while the stock would need to tank 36.91% for it to hit the projected low.
8X8 Inc. (EGHT) estimates and forecasts
Data shows that the 8X8 Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -17.23% over the past 6 months, a 39.39% in annual growth rate that is considerably higher than the industry average of 18.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for 8X8 Inc. will rise 42.90%, while the growth in revenue is estimated to hit -9.10% for the next quarter. Year-over-year growth is forecast to reach -0.80% down from the last financial year.
Consensus estimates given by 12 financial analysts project the company’s revenue in the current quarter to hit an average of $183.68 million. 12 analysts are of the opinion that 8X8 Inc.’s revenue for the quarter ending Mar 2024 will be $186.06 million. The estimates for the next quarter sales put growth at 0.80%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 11.16%. The 2023 estimates are for 8X8 Inc. earnings to increase by 43.63%.
8X8 Inc. is expected to release its next quarterly earnings report between January 30 and February 05.
8X8 Inc. (NASDAQ:EGHT)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 3.21% of 8X8 Inc. shares while 106.20% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 109.72%. There are 106.20% institutions holding the 8X8 Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 18.98% of the shares, roughly 21.2 million EGHT shares worth $89.68 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 13.12% or 14.66 million shares worth $62.0 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jul 30, 2023 were Vanguard Explorer Fund, Inc. and Vanguard Total Stock Market Index Fund. With 6.11 million shares estimated at $28.97 million under it, the former controlled 5.47% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.95% of the shares, roughly 3.29 million shares worth around $13.91 million.