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Volume Spike Detected in Shares of 8X8 INC as They Move Higher on 1.5x Above-Average Volume (EGHT)

Published on Fri, 04/12/2013 - 13:13
By Peter Chu

The price of 8X8 INC shares has climbed to $7.07 (a 3.4% change) on heavy trading volume. About 863,000 shares have been traded today, as compared to the 30-day average volume of 593,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

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.

8X8 INC has overhead space with shares priced $7.07, or 16.6% below the average consensus analyst price target of $8.48. The stock should discover initial support at its 50-day moving average (MA) of $6.71 and subsequent support at its 200-day MA of $6.32.

In the past 52 weeks, 8X8 INC share prices have been bracketed by a low of $2.55 and a high of $7.95 and are now at $7.07, 177% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 0.8%.

By Peter Chu
pchu@fnno.com