Stock Traders Buy High Volume of Call Options on Eightco (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the target of unusually large options trading activity on Tuesday. Investors purchased 20,299 call options on the stock. This represents an increase of approximately 60% compared to the typical daily volume of 12,659 call options.

Eightco Stock Up 8.9%

Shares of NASDAQ:ORBS traded up $0.08 during trading on Tuesday, hitting $0.95. 10,740,905 shares of the stock were exchanged, compared to its average volume of 19,041,129. The stock has a market capitalization of $368.61 million, a P/E ratio of -1.62 and a beta of 2.03. Eightco has a 1-year low of $0.72 and a 1-year high of $83.12. The company has a fifty day moving average price of $0.91.

Eightco (NASDAQ:ORBS) last issued its earnings results on Wednesday, April 15th. The company reported ($2.39) EPS for the quarter. The firm had revenue of $10.19 million during the quarter. Eightco had a negative return on equity of 111.48% and a negative net margin of 1,095.69%.

Institutional Trading of Eightco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ORBS. PEAK6 LLC bought a new position in Eightco during the fourth quarter worth about $26,000. Yorkville Advisors Global LP bought a new stake in shares of Eightco in the 1st quarter valued at approximately $27,000. LPL Financial LLC bought a new stake in shares of Eightco in the 4th quarter valued at approximately $28,000. Caerus Investment Advisors LLC acquired a new position in shares of Eightco in the 1st quarter worth approximately $29,000. Finally, Monograph Wealth Advisors LLC bought a new position in shares of Eightco during the 4th quarter worth approximately $33,000. Institutional investors own 12.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Eightco from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average 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.