Eightco (NASDAQ:ORBS) Trading 17.6% Higher – Should You Buy?

Eightco Holdings Inc. (NASDAQ:ORBS) shares were up 17.6% during mid-day trading on Tuesday . The company traded as high as $1.17 and last traded at $1.2350. Approximately 8,676,122 shares were traded 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 analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Eightco Stock Performance

The stock has a market capitalization of $503.70 million, a PE ratio of -5.39 and a beta of 2.13. The stock’s 50 day moving average is $0.77 and its two-hundred day moving average is $0.86.

Eightco (NASDAQ:ORBS) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.04 EPS for the quarter. The firm had revenue of $2.07 million during the quarter. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%.

Insiders Place Their Bets

In other Eightco news, CEO Kevin O’Donnell purchased 50,000 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were purchased at an average cost of $0.81 per share, for a total transaction of $40,500.00. Following the completion of the transaction, the chief executive officer owned 1,296,485 shares of the company’s stock, valued at $1,050,152.85. The trade was a 4.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 3.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Mozayyx Management LLC purchased a new stake in shares of Eightco in the fourth quarter valued at approximately $28,438,000. Compass Financial Management LLC purchased a new position in Eightco during the second quarter worth approximately $1,655,000. Occam Crest Management LP acquired a new position in Eightco during the fourth quarter worth $3,081,000. SkyView Investment Advisors LLC purchased a new stake in Eightco in the 2nd quarter valued at $104,000. Finally, Avior Wealth Management LLC purchased a new stake in Eightco in the 2nd quarter valued at $77,000. 12.85% of the stock is owned by hedge funds and other institutional investors.

Eightco Company Profile

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.