In the last trading session, 1.03 million shares of the 8X8 Inc. (NASDAQ:EGHT) were traded, and its beta was 1.46. Most recently the company’s share price was $2.68, and it changed around -$0.02 or -0.74% from the last close, which brings the market valuation of the company to $330.77M. EGHT currently trades at a discount to its 52-week high of $4.88, offering almost -82.09% off that amount. The share price’s 52-week low was $2.15, which indicates that the current value has risen by an impressive 19.78% since then. We note from 8X8 Inc.’s average daily trading volume that its 10-day average is 0.89 million shares, with the 3-month average coming to 1.55 million.
8X8 Inc. stock received a consensus recommendation rating of Hold, based on a mean score of 2.38. If we narrow it down even further, the data shows that 0 out of 11 analysts rate the stock as a Sell; another 3 rate it as Overweight. Among the rest, 5 recommended EGHT as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. 8X8 Inc. is expected to report earnings per share of $0.06 for the current quarter.
8X8 Inc. (NASDAQ:EGHT) trade information
Instantly EGHT has showed a red trend with a performance of -0.74% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -29.10% year-to-date, but still up 1.13% over the last five days. On the other hand, 8X8 Inc. (NASDAQ:EGHT) is -5.30% down in the 30-day period. We can see from the shorts that 16.12 million shares have been sold at a short interest cover period of 8.89 day(s).
The consensus price target as assigned by Wall Street analysts is $29.5, which translates to bulls needing to increase their stock price by 90.92% from its current value. Analyst projections state that EGHT is forecast to be at a low of $8 and a high of $50.
8X8 Inc. (EGHT) estimates and forecasts
8X8 Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 8.06 percent over the past six months and at a 39.39% annual growth rate that is well above the industry average of 19.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -45.50% in revenue this quarter, and will report a decrease of -23.10% in the next quarter. The year-over-year growth rate is expected to be -2.10%, down from the previous year.
Consensus estimates provided by 12 financial analysts predict the company will bring in an average of $178.83 million in revenue for the current quarter. 10 analysts expect 8X8 Inc. to make $181.28 million in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will drop, forecast at -3.10%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 11.16%.
EGHT Dividends
8X8 Inc.’s next quarterly earnings report is expected to be released around May 09 and May 13.
8X8 Inc. (NASDAQ:EGHT)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 2.47% of 8X8 Inc. shares, and 95.25% of them are in the hands of institutional investors. The stock currently has a share float of 97.66%. 8X8 Inc. stock is held by 218 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 18.98% of the shares, which is about 21.2 million shares worth $89.68 million.
Vanguard Group Inc, with 13.12% or 14.66 million shares worth $62.0 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.
Vanguard Explorer Fund, Inc. and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Jul 30, 2023. The former held 6.11 million shares worth $28.97 million, making up 5.47% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 3.29 million shares worth around $13.91 million, which represents about 2.95% of the total shares outstanding.
