The stock of 8×8 Incorporated (NASDAQ:EGHT) registered an increase of 14.35% in short interest. EGHT’s total short interest was 3.91 million shares in March as published by FINRA. Its up 14.35% from 3.42M shares, reported previously. With 935,900 shares average volume, it will take short sellers 4 days to cover their EGHT’s short positions. The short interest to 8×8 Incorporated’s float is 4.56%. The stock decreased 4.32% or $0.48 on March 9, hitting $10.62. 8×8, Inc. (NASDAQ:EGHT) has risen 28.57% since August 4, 2015 and is uptrending. It has outperformed by 33.54% the S&P500.
8×8, Inc. offers Software as a Service (SaaS) communication solution. The company has a market cap of $898.79 million. The Firm is engaged in business cloud communications and development and use of Internet protocol voice, video and data communication technologies in a true SaaS model. It currently has negative earnings. The 8×8 unified cloud communications solution addresses the shortcomings of legacy and point solution cloud services through its pure cloud Software as a Service offering.
The institutional sentiment increased to 0.99 in Q3 2015. Its up 0.19, from 0.8 in 2015Q2. The ratio is positive, as 19 funds sold all 8×8, Inc. shares owned while 49 reduced positions. 20 funds bought stakes while 47 increased positions. They now own 65.18 million shares or 12.28% more from 58.05 million shares in 2015Q2.
Archon Capital Management Llc holds 6.9% of its portfolio in 8×8, Inc. for 949,700 shares. First Washington Corp owns 535,435 shares or 2.67% of their US portfolio. Moreover, Portolan Capital Management Llc has 2.09% invested in the company for 1.91 million shares. The Missouri-based Anderson Hoagland & Co has invested 1.95% in the stock. Summit Creek Advisors Llc, a Minnesota-based fund reported 1.21 million shares.
Out of 9 analysts covering 8×8 (NASDAQ:EGHT), 9 rate it “Buy”, 0 “Sell”, while 2 “Hold”. This means 82% are positive. 8×8 was the topic in 6 analyst reports since August 10, 2015 according to StockzIntelligence Inc.
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