Eightco Target of Unusually High Options Trading (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) saw unusually large options trading activity on Monday. Stock traders bought 10,019 call options on the company. This represents an increase of 244% compared to the average daily volume of 2,910 call options.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PEAK6 LLC acquired a new position in shares of Eightco in the fourth quarter worth about $26,000. LPL Financial LLC acquired a new stake in shares of Eightco during the 4th quarter valued at about $28,000. Barclays PLC acquired a new stake in shares of Eightco during the 4th quarter valued at about $33,000. Monograph Wealth Advisors LLC purchased a new position in shares of Eightco in the 4th quarter valued at about $33,000. Finally, JTC Employer Solutions Trustee Ltd purchased a new position in shares of Eightco in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ORBS. Wall Street Zen lowered shares of Eightco from a “hold” rating to a “sell” rating in a report on Friday, November 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Eightco in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Eightco Stock Up 34.1%

Shares of NASDAQ ORBS opened at $1.10 on Tuesday. The firm has a market cap of $217.61 million, a PE ratio of -0.78 and a beta of 2.38. The stock’s 50 day moving average price is $1.32. Eightco has a 12 month low of $0.74 and a 12 month high of $83.12.

Eightco announced that its Board of Directors has initiated a share buyback program on Monday, December 29th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 34.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.