Eightco (NASDAQ:ORBS) Posts Earnings Results

Eightco (NASDAQ:ORBS) posted its quarterly earnings data on Friday. The company reported $0.04 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $2.07 million during the quarter. Eightco had a negative net margin of 1,095.69% and a negative return on equity of 111.48%.

Eightco Stock Performance

Shares of Eightco stock traded up $0.02 during trading on Friday, reaching $0.69. The company’s stock had a trading volume of 5,716,060 shares, compared to its average volume of 12,641,965. Eightco has a one year low of $0.57 and a one year high of $83.12. The firm has a market cap of $267.38 million, a price-to-earnings ratio of -1.17 and a beta of 2.09. The business’s fifty day moving average price is $0.76 and its 200-day moving average price is $0.96.

Insider Transactions at Eightco

In other Eightco news, CEO Kevin J. O’donnell purchased 200,000 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $0.92 per share, with a total value of $184,000.00. Following the transaction, the chief executive officer directly owned 1,246,485 shares in the company, valued at approximately $1,146,766.20. This represents a 19.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.44% of the stock is owned by company insiders.

Institutional Trading of Eightco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Eightco during the 4th quarter valued at about $153,000. UBS Group AG acquired a new position in Eightco in the fourth quarter worth about $4,528,000. Huntleigh Advisors Inc. bought a new position in Eightco during the fourth quarter worth about $38,000. Geode Capital Management LLC acquired a new stake in Eightco during the fourth quarter valued at approximately $3,036,000. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in shares of Eightco in the 4th quarter valued at approximately $35,000. 12.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Eightco from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Eightco in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Eightco currently has a consensus rating of “Sell”.

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.