Eightco (NASDAQ:ORBS) Posts Earnings Results

Eightco (NASDAQ:ORBS) announced its quarterly earnings results on Friday. The company reported $0.04 earnings per share (EPS) for the quarter, FiscalAI reports. Eightco had a negative net margin of 1,095.69% and a negative return on equity of 111.48%. The business had revenue of $2.07 million during the quarter.

Eightco Trading Up 3.2%

ORBS traded up $0.02 during mid-day trading on Friday, hitting $0.69. 5,716,060 shares of the stock were exchanged, compared to its average volume of 18,055,711. The firm’s fifty day moving average is $0.77 and its two-hundred day moving average is $0.96. Eightco has a 1-year low of $0.57 and a 1-year high of $83.12. The company has a market cap of $267.38 million, a PE ratio of -1.17 and a beta of 2.09.

Insiders Place Their Bets

In other Eightco news, CEO Kevin J. O’donnell purchased 200,000 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $0.92 per share, for a total transaction of $184,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,246,485 shares of the company’s stock, valued at approximately $1,146,766.20. This trade represents a 19.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eightco

Large investors have recently added to or reduced their stakes in the business. PEAK6 LLC purchased a new position in Eightco in the 4th quarter valued at approximately $26,000. Yorkville Advisors Global LP acquired a new stake in shares of Eightco in the first quarter valued at $27,000. LPL Financial LLC purchased a new position in Eightco in the fourth quarter valued at $28,000. Caerus Investment Advisors LLC acquired a new position in Eightco during the 1st quarter worth $29,000. Finally, Monograph Wealth Advisors LLC purchased a new stake in Eightco during the 4th quarter worth about $33,000. 12.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on ORBS. Wall Street Zen upgraded Eightco from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Eightco in a research report on Tuesday, June 9th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Eightco presently has an average rating of “Sell”.

Eightco Company Profile

Eightco Holdings Inc provides bitcoin mining equipment and co-location services. It also manufactures and sells container boards, corrugated products, and specialty paper products in North America. The company was incorporated in 1966 and is headquartered in Safety Harbor, Florida.