Eightco (NASDAQ:ORBS) Releases Quarterly Earnings Results

Eightco (NASDAQ:ORBS) released its quarterly earnings data on Friday. The company reported $0.13 earnings per share for the quarter, FiscalAI reports. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%. The business had revenue of $0.09 million for the quarter.

Eightco Stock Performance

Eightco stock traded down $0.00 during trading on Friday, reaching $0.67. 6,237,519 shares of the company’s stock were exchanged, compared to its average volume of 12,012,290. Eightco has a 52-week low of $0.57 and a 52-week high of $3.62. The firm has a market cap of $280.54 million, a price-to-earnings ratio of -3.04 and a beta of 2.06. The company’s 50-day moving average is $0.90 and its two-hundred day moving average is $0.91.

Insider Buying and Selling

In related news, CEO Kevin O’Donnell bought 50,000 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $0.81 per share, with a total value of $40,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,296,485 shares of the company’s stock, valued at approximately $1,050,152.85. This represents a 4.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eightco

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Yorkville Advisors Global LP acquired a new stake in Eightco in the first quarter valued at approximately $27,000. StoneX Group Inc. acquired a new position in shares of Eightco during the third quarter worth $29,000. Caerus Investment Advisors LLC acquired a new position in shares of Eightco during the first quarter worth $29,000. A. D. Beadell Investment Counsel Inc. lifted its position in shares of Eightco by 261.6% during the second quarter. A. D. Beadell Investment Counsel Inc. now owns 45,200 shares of the company’s stock worth $31,000 after purchasing an additional 32,700 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of Eightco during the first quarter worth $34,000. 12.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Eightco from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

About Eightco

Eightco Holdings, Inc. is a digital asset treasury company focused on Worldcoin (WLD), the digital token associated with the World network. The company has also described its strategy as including investments in businesses involved in artificial intelligence and digital identity. Eightco previously operated in e-commerce, including through its Forever 8 business, which provided inventory and related services to online sellers. Its shift to a digital asset and technology-focused strategy represents a change from those earlier activities.