8×8 Inc. (NASDAQ: EGHT) stock jumped 0.38% on Friday to $2.63 against a previous-day closing price of $2.62. With 25.43 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.87 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $2.6600 whereas the lowest price it dropped to was $2.4950. The 52-week range on EGHT shows that it touched its highest point at $6.49 and its lowest point at $2.48 during that stretch. It currently has a 1-year price target of $4.79. Beta for the stock currently stands at 1.31.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of EGHT was down-trending over the past week, with a drop of -1.87%, but this was down by -22.42% over a month. Three-month performance dropped to -36.17% while six-month performance fell -44.75%. The stock lost -42.70% in the past year, while it has lost -39.12% so far this year. A look at the trailing 12-month EPS for EGHT yields -0.54 with Next year EPS estimates of 0.52. For the next quarter, that number is 0.09. This implies an EPS growth rate of 59.20% for this year and 21.86% for next year.
Float and Shares Shorts:
At present, 116.78 million EGHT shares are outstanding with a float of 116.10 million shares on hand for trading. On Aug 30, 2023, short shares totaled 17.22 million, which was 14.36% higher than short shares on Jul 30, 2023. In addition to Mr. Samuel C. Wilson as the firm’s CEO & Director, Mr. Kevin Kraus serves as its Chief Financial Officer.
Institutional Ownership:
Through their ownership of 106.20% of EGHT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 56.59% of EGHT, in contrast to 45.46% held by mutual funds. Shares owned by individuals account for 15.31%. As the largest shareholder in EGHT with 14.98% of the stake, BlackRock Fund Advisors holds 17,971,002 shares worth 17,971,002. A second-largest stockholder of EGHT, Sylebra Capital Ltd., holds 14,389,476 shares, controlling over 12.00% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in EGHT, holding 14,348,552 shares or 11.96% stake. With a 6.67% stake in EGHT, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 7,996,192 shares are owned by the mutual fund manager. The Vanguard Explorer Fund, which owns about 4.99% of EGHT stock, is the second-largest Mutual Fund holder. It holds 5,986,571 shares valued at 19.46 million. Vanguard Total Stock Market ETF holds 2.74% of the stake in EGHT, owning 3,289,503 shares worth 10.69 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, EGHT reported revenue of $187.62M and operating income of -$26.75M. The EBITDA in the recently reported quarter was -$12.53M and diluted EPS was -$0.22.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for EGHT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With EGHT analysts setting a high price target of $7.00 and a low target of $3.00, the average target price over the next 12 months is $4.85. Based on these targets, EGHT could surge 166.16% to reach the target high and rise by 14.07% to reach the target low. Reaching the average price target will result in a growth of 84.41% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded EGHT stock several times over the past three months with 6 Buys and 11 Sells. In these transactions, 210,000 shares were bought while 48,060 shares were sold. The number of buy transactions has increased to 13 while that of sell transactions has risen to 66 over the past year. The total number of shares bought during that period was 1,580,122 while 380,672 shares were sold.
