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Trading Lower on Heavy Volume are Shares of 8X8 INC on 1.4x Above-Average Volume (EGHT)

Published on Thu, 02/21/2013 - 14:18
By Peter Chu

The price of 8X8 INC shares has slipped to $6.44 (a 3.3% change) on heavy trading volume. About 1.4 million shares have been traded today, as compared to the 30-day average volume of 997,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

8X8 INC share prices have moved between a 52-week high of $7.95 and a 52-week low of $2.55 and are now trading 153% above that low price at $6.44 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

8X8 INC (NASDAQ:EGHT) has potential upside of 30.4% based on a current price of $6.44 and analysts' consensus price target of $8.40. The stock should hit resistance at its 50-day moving average (MA) of $7.18, as well as support at its 200-day MA of $5.87.

8x8, Inc. provides voice-over-Internet protocol creation platforms, hosted Internet PBX solutions, voice and video semiconductors, and related software. The Company offers service providers the tools to create next-generation Internet protocol network services, while providing telecommunications manufacturers with embedded technology, software stacks, and reference designs.

By Peter Chu