Eightco Holdings Inc. (NASDAQ:ORBS – Get Free Report) traded up 17.6% during trading on Tuesday . The stock traded as high as $1.17 and last traded at $1.2350. Approximately 8,676,122 shares changed hands during trading, a decline of 50% from the average session volume of 17,370,006 shares. The stock had previously closed at $1.05.
Wall Street Analyst Weigh In
Separately, Weiss Ratings upgraded shares of Eightco from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.
Get Our Latest Stock Analysis on Eightco
Eightco Trading Up 11.6%
Eightco (NASDAQ:ORBS – Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.04 earnings per share for the quarter. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%.The business had revenue of $2.07 million during the quarter.
Insider Buying and Selling
In related news, CEO Kevin O’Donnell bought 50,000 shares of the company’s stock in a transaction on Friday, August 28th. The shares were bought at an average price of $0.81 per share, with a total value of $40,500.00. Following the transaction, the chief executive officer owned 1,296,485 shares in the company, valued at approximately $1,050,152.85. This trade represents a 4.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.44% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in ORBS. PEAK6 LLC acquired a new stake in Eightco during the 4th quarter worth about $26,000. Monograph Wealth Advisors LLC purchased a new stake in Eightco during the 4th quarter valued at about $33,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Eightco in the fourth quarter valued at about $35,000. Yorkville Advisors Global LP acquired a new position in shares of Eightco in the first quarter valued at about $27,000. Finally, Caerus Investment Advisors LLC purchased a new position in shares of Eightco in the first quarter worth about $29,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.
About Eightco
Eightco Holdings Inc (NASDAQ: ORBS) is a technology-focused holding company that develops and operates businesses serving e-commerce merchants and the digital economy. Its activities have included inventory financing, fulfillment support, and other infrastructure intended to help online sellers manage product availability and working capital.
Through its Forever 8 business, Eightco has provided inventory funding and related services to e-commerce companies. The model is designed to help merchants purchase inventory, maintain stock levels, and repay financing as products are sold.
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