Eightco Sees Unusually High Options Volume (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) saw some unusual options trading on Thursday. Stock traders purchased 10,500 call options on the stock. This is an increase of approximately 80% compared to the typical volume of 5,827 call options.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eightco in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Eightco presently has a consensus rating of “Sell”.

Institutional Trading of Eightco

Institutional investors have recently added to or reduced their stakes in the stock. PEAK6 LLC bought a new stake in Eightco in the fourth quarter valued at approximately $26,000. LPL Financial LLC bought a new stake in Eightco in the fourth quarter valued at approximately $28,000. Monograph Wealth Advisors LLC bought a new stake in Eightco in the fourth quarter valued at approximately $33,000. Barclays PLC bought a new stake in Eightco in the fourth quarter valued at approximately $33,000. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in Eightco in the fourth quarter valued at approximately $35,000. 12.85% of the stock is currently owned by institutional investors.

Eightco Stock Down 9.6%

Shares of Eightco stock traded down $0.09 on Thursday, hitting $0.84. The stock had a trading volume of 6,753,742 shares, compared to its average volume of 17,697,477. The company has a 50 day moving average of $1.10. Eightco has a twelve month low of $0.74 and a twelve month high of $83.12. The stock has a market capitalization of $166.18 million, a price-to-earnings ratio of -0.60 and a beta of 2.33.

Eightco declared that its board has initiated a stock buyback plan on Monday, December 29th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to buy up to 34.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.