Why Should You Invest In 8X8 Inc. (NASDAQ: EGHT)?

In the latest trading session, 0.73 million 8X8 Inc. (NASDAQ:EGHT) shares changed hands as the company’s beta touched 1.49. With the company’s most recent per share price at $2.74 changed hands at -$0.11 or -3.68% at last look, the market valuation stands at $338.79M. EGHT’s current price is a discount, trading about -135.4% off its 52-week high of $6.45. The share price had its 52-week low at $2.15, which suggests the last value was 21.53% up since then. When we look at 8X8 Inc.’s average trading volume, we note the 10-day average is 1.89 million shares, with the 3-month average coming to 2.10.

8X8 Inc. (NASDAQ:EGHT) trade information

Instantly EGHT was in red as seen in intraday trades today. With action 1.29%, the performance over the past five days has been green. The drop to weekly highs of 2.91 subtracted -3.68% to the stock’s daily price. The company’s shares are showing year-to-date downside of -27.38%, with the 5-day performance at 1.29% in the green. However, in the 30-day time frame, 8X8 Inc. (NASDAQ:EGHT) is -22.68% down. Looking at the short shares, we see there were 17.54 million shares sold at short interest cover period of 13.09 days.

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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 -21.79% over the past 6 months, a 39.39% in annual growth rate that is considerably higher than the industry average of 20.90%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for 8X8 Inc. will fall -45.50%, while the growth in revenue is estimated to hit -23.10% for the next quarter. Year-over-year growth is forecast to reach -2.10% 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 $178.83 million. 10 analysts are of the opinion that 8X8 Inc.’s revenue for the quarter ending Jun 2024 will be $181.28 million. The company’s revenue for the corresponding quarters a year ago was $184.53 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -3.10%.

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 2024 estimates are for 8X8 Inc. earnings to increase by 39.65%.

8X8 Inc. (NASDAQ:EGHT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.42% of 8X8 Inc. shares while 94.95% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 97.30%. There are 94.95% 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.

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