Eightco Target of Unusually High Options Trading (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the recipient of some unusual options trading on Monday. Stock traders bought 10,019 call options on the company. This represents an increase of approximately 244% compared to the typical daily volume of 2,910 call options.

Eightco Stock Performance

ORBS stock opened at $0.96 on Wednesday. The company has a market cap of $189.80 million, a price-to-earnings ratio of -0.68 and a beta of 2.38. The stock has a 50-day simple moving average of $1.30. Eightco has a 1-year low of $0.74 and a 1-year high of $83.12.

Eightco announced that its board has approved a stock repurchase program on Monday, December 29th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the company to reacquire up to 34.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Eightco

Several institutional investors have recently added to or reduced their stakes in the business. Mozayyx Management LLC bought a new position in shares of Eightco during the 4th quarter worth approximately $28,438,000. Alyeska Investment Group L.P. acquired a new position in shares of Eightco during the 4th quarter valued at $21,136,000. Pantera Capital Partners LP bought a new position in Eightco during the fourth quarter worth $20,144,000. Anson Funds Management LP bought a new position in Eightco during the fourth quarter worth $14,219,000. Finally, JPMorgan Chase & Co. acquired a new stake in Eightco in the fourth quarter worth $4,657,000. 12.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ORBS has been the subject of a number of analyst reports. Wall Street Zen downgraded Eightco from a “hold” rating to a “sell” rating in a research report on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eightco in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

About Eightco

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.