NEW YORK ( TheStreet) -- Shares of 8x8 (Nasdaq: EGHT) were gapping up Thursday morning with an open price 12.3% higher than Wednesday's closing price. The stock closed at $3.41 Wednesday and opened today's trading at $3.83. The average volume for 8x8 has been 572,800 shares per day over the past 30 days. 8x8 has a market cap of $239.4 million and is part of the technology sector and telecommunications industry. Shares are up 8.8% year to date as of the close of trading on Wednesday. 8x8, Inc. develops and markets telecommunications services for Internet protocol (IP), telephony, and video applications. The company has a P/E ratio of 38.3, equal to the average telecommunications industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates 8x8 as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, premium valuation and weak operating cash flow. You can view the full 8x8 Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting UP to 95370 or select from multiple alert options.