Eightco Holdings Inc. (NASDAQ:OCTO) Sees Large Decrease in Short Interest

Eightco Holdings Inc. (NASDAQ:OCTO) was the recipient of a large drop in short interest in May. As of May 31st, there was short interest totalling 56,500 shares, a drop of 38.4% from the May 15th total of 91,700 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average daily volume of 70,600 shares, the short-interest ratio is currently 0.8 days.

Hedge Funds Weigh In On Eightco

An institutional investor recently bought a new position in Eightco stock. Geode Capital Management LLC bought a new position in Eightco Holdings Inc. (NASDAQ:OCTO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,828 shares of the company’s stock, valued at approximately $30,000. Geode Capital Management LLC owned about 0.57% of Eightco as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 12.85% of the company’s stock.

Eightco Stock Performance

Shares of NASDAQ:OCTO traded up $0.02 during midday trading on Monday, hitting $1.18. 13,030 shares of the stock were exchanged, compared to its average volume of 62,842. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.74. The company has a 50 day moving average price of $1.25 and a 200-day moving average price of $1.44. Eightco has a twelve month low of $0.98 and a twelve month high of $4.86.

Eightco (NASDAQ:OCTO) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.87) EPS for the quarter. The company had revenue of $9.91 million for the quarter. Eightco had a net margin of 0.14% and a negative return on equity of 262.04%.

About Eightco

Eightco Holdings Inc provides inventory management and corrugated custom packaging solutions in North America and Europe. It manufactures and sells custom packaging solutions for a various product; and provides and resells bitcoin mining equipment and co-location services. The company was formerly known as Cryptyde, Inc and changed its name to Eightco Holdings Inc in April 2023.