Is A Downturn Overdue? 8×8 Inc. (NYSE:EGHT), Carvana Co. (NYSE:CVNA)?

The shares of 8×8 Inc. (NYSE:EGHT) has been pegged with a rating of Sell by B. Riley FBR in its latest research note that was published on March 26, 2020. The Technology company has also assigned a $13 price target. B. Riley FBR wasn’t the only research firm that published a report of 8×8 Inc., with other equities research analysts also giving their opinion on the stock. The stock had earned Equal Weight rating from Wells Fargo Markets when it published its report on January 27, 2020. The stock was given Equal-Weight rating by Morgan Stanley in its report released on January 13, 2020, the day when the price target on the stock was placed at 23. B. Riley FBR was of a view that EGHT is Neutral in its latest report on October 24, 2019. BofA/Merrill thinks that EGHT is worth Underperform rating.

Amongst the analysts that rated the stock, 1 have recommended investors to sell it, 6 believe it has the potential for further growth, thus rating it as Hold while 8 advised investors to purchase the stock. The consensus currently stands at a Overweight while its average price target is $22.07. The price of the stock the last time has raised by 41.40% from its 52-Week high price while it is -43.27% than its 52-Week low price. A look at the stock’s other technical shows that its 14-day RSI now stands at 43.88.

The shares of the company added by 5.44% during the trading session on Thursday, reaching a low of $13.68 while ending the day at $15.13. During the trading session, a total of 6.22 million shares were traded which represents a -180.12% decline from the average session volume which is 2.22 million shares. EGHT had ended its last session trading at $14.35. 8×8 Inc. debt-to-equity ratio currently stands at 1.31, while its quick ratio hovers at 2.50 EGHT 52-week low price stands at $10.70 while its 52-week high price is $26.67.

The company in its last quarterly report recorded -$0.32 earnings per share which is below the predicted by most analysts. The 8×8 Inc. generated 147.77 million in revenue during the last quarter. In the second quarter last year, the firm recorded -$0.38 earnings per share. Compared to the same quarter last year, the firm’s revenue was up by 9.38%. 8×8 Inc. has the potential to record -1.01 EPS for the current fiscal year, according to equities analysts.

Investment analysts at Nomura published a research note on April 30, 2020 where it informed investors and clients that Carvana Co. (NYSE:CVNA) is now rated as Neutral. Their price target on the stock stands at $89. Needham also rated CVNA as Reiterated on February 27, 2020, with its price target of $110 suggesting that CVNA could down by -14.14% from its current share price. Even though the stock has been trading at $91.11/share, analysts expect it to surge by 3.98% to reach $83.00/share. It started the day trading at $96.20 and traded between $90.25 and $94.74 throughout the trading session.

A look at its technical shows that CVNA’s 50-day SMA is 70.33 while its 200-day SMA stands at 79.92. The stock has a high of $115.23 for the year while the low is $22.16. The stock, however, witnessed a rise in its short on 04/30/20. Compared to previous close which recorded 23.04 M shorted shares, the short percentage went lower by -6.76%, as 21.48M EGHT shares were shorted. At the moment, only 34.84% of Carvana Co. shares were sold short. The company’s average trading volume currently stands at 3.95M shares, which means that the short-interest ratio is just 5.44 days. Over the past seven days, the company moved, with its shift of 5.80%. Looking further, the stock has dropped -13.94% over the past 90 days while it gained 7.24% over the last six months.

The change in the stock’s fortunes has led to several institutional investors altering their holdings of the stock. The T. Rowe Price Associates, Inc. (I… bought more CVNA shares, increasing its portfolio by 514.79% during the last quarter. This move now sees The T. Rowe Price Associates, Inc. (I… purchasing 10,887,162 shares in the last quarter, thus it now holds 13,002,048 shares of CVNA, with a total valuation of $1,041,594,065. Fidelity Management & Research Co… meanwhile bought more CVNA shares in the recently filed quarter, changing its stake to $722,113,543 worth of shares.

Similarly, Morgan Stanley Investment Managem… increased its Carvana Co. shares by 160.21% during the recently filed quarter. After buying 7,092,838 shares in the last quarter, the firm now controls 4,367,034 shares of Carvana Co. which are valued at $568,207,252. In the same vein, Tiger Global Management LLC increased its Carvana Co. shares by during the most recent reported quarter. The firm bought 1,100,000 shares during the quarter which increased its stakes to 6,012,907 shares and is now valued at $481,693,980. Following these latest developments, around 1.00% of Carvana Co. stocks are owned by institutional investors and hedge funds.