Eightco (NASDAQ:ORBS) Board of Directors Announces Share Repurchase Plan

Eightco (NASDAQ:ORBS) announced that its Board of Directors has initiated a share buyback plan on Monday, December 29th, RTT News reports. The company plans to repurchase $125.00 million in shares. This repurchase authorization permits the company to buy up to 34.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

ORBS has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eightco in a report on Monday. Wall Street Zen cut Eightco from a “hold” rating to a “sell” rating in a research report on Friday, November 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Eightco has a consensus rating of “Sell”.

Eightco Price Performance

ORBS stock traded down $0.15 during mid-day trading on Tuesday, hitting $1.69. 5,325,603 shares of the company were exchanged, compared to its average volume of 4,089,706. Eightco has a twelve month low of $0.98 and a twelve month high of $83.12. The firm has a market cap of $333.34 million, a P/E ratio of -1.20 and a beta of 2.24.

Eightco (NASDAQ:ORBS) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.58) earnings per share (EPS) for the quarter. The business had revenue of $5.30 million for the quarter. Eightco had a negative return on equity of 14.76% and a negative net margin of 74.37%.

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.