David Sipes, CEO of 8×8 Inc (EGHT), recently bought 43,000 additional shares. The buy increased his holdings by over 9 percent, and came to a total purchase price of just over $1 million.
This is the first buy from a company insider since 2019. Company insiders have generally been sellers of shares, which is typical for technology companies that tend to lavish stock options on executives.
Overall, company insiders own about 2.7 percent of company shares.
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The software-as-a-services (SaaS) provider has seen its shares rise nearly 70 percent over the past year, although they have dropped rather quickly in recent sessions.
The tech company has been largely unprofitable, but revenues have been rising over the past year.
Action to take: Shares are starting to rebound higher from their recent drop lower, and are likely to fill a gap in shares that emerged during the drop. That could allow shares to recover lost ground quickly from here.
Investors may like buying shares outright, although their long-term returns don’t look as strong as other companies in the tech space.
For options traders, a quick rally higher should work best with a call option trade. The November $30 calls, which last had a bid/ask spread around $1.40, can likely deliver high double-digit returns well before their expiration. Traders should look for a quick profit here, and close the trade well before the option expires.
Disclosure: The author of this article has no position in the stock mentioned here, but may make a trade this company after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.