Eightco (NASDAQ:ORBS) Shares Gap Up – Here’s What Happened

Eightco Holdings Inc. (NASDAQ:ORBS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $0.9036, but opened at $0.9859. Eightco shares last traded at $1.1650, with a volume of 19,217,456 shares traded.

Analyst Upgrades and Downgrades

ORBS has been the subject of several research reports. Wall Street Zen upgraded Eightco from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Eightco in a report on Friday, September 4th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Eightco presently has an average rating of “Sell”.

Eightco Trading Down 7.6%

The firm has a market capitalization of $413.02 million, a price-to-earnings ratio of -4.39 and a beta of 2.13. The company has a fifty day moving average price of $0.73 and a two-hundred day moving average price of $0.87.

Eightco (NASDAQ:ORBS) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.04 EPS for the quarter. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%.The firm had revenue of $2.07 million during the quarter.

Insider Transactions at Eightco

In related news, CEO Kevin O’Donnell bought 50,000 shares of the business’s stock in a transaction on Friday, August 28th. The stock was acquired at an average cost of $0.81 per share, with a total value of $40,500.00. Following the purchase, the chief executive officer directly owned 1,296,485 shares of the company’s stock, valued at $1,050,152.85. The trade was a 4.01% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ORBS. PEAK6 LLC purchased a new stake in shares of Eightco in the fourth quarter valued at about $26,000. LPL Financial LLC purchased a new position in Eightco during the fourth quarter worth about $28,000. Monograph Wealth Advisors LLC acquired a new position in Eightco in the 4th quarter valued at about $33,000. Barclays PLC acquired a new position in Eightco in the 4th quarter valued at about $33,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in Eightco in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

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.