Eightco (NASDAQ:OCTO) Shares Up 13.7% – Should You Buy?

Eightco Holdings Inc. (NASDAQ:OCTO) shot up 13.7% on Thursday . The company traded as high as $0.9313 and last traded at $0.9297. 28,885,020 shares changed hands during trading, an increase of 150% from the average session volume of 11,576,554 shares. The stock had previously closed at $0.8179.

Eightco Trading Up 13.7%

The firm has a market capitalization of $2.83 million, a PE ratio of -0.31 and a beta of 0.84. The company has a current ratio of 0.30, a quick ratio of 0.09 and a debt-to-equity ratio of 1.15. The business has a fifty day moving average price of $1.11 and a two-hundred day moving average price of $3.39.

Hedge Funds Weigh In On Eightco

Several hedge funds have recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new position in Eightco during the 3rd quarter worth about $291,148,000. Pantera Capital Partners LP acquired a new position in Eightco during the 3rd quarter worth about $280,733,000. Anson Funds Management LP acquired a new position in Eightco during the 3rd quarter worth about $198,164,000. Polar Asset Management Partners Inc. acquired a new position in Eightco during the 3rd quarter worth about $13,211,000. Finally, UBS Group AG lifted its stake in Eightco by 21,435.9% during the 3rd quarter. UBS Group AG now owns 440,624 shares of the company’s stock worth $10,623,000 after acquiring an additional 438,578 shares in the last quarter. Institutional investors and hedge funds own 12.85% of the company’s stock.

Eightco Company Profile

Eightco Holdings Inc provides inventory management and corrugated custom packaging solutions in North America and Europe. It manufactures and sells custom packaging solutions for a various product; and provides and resells bitcoin mining equipment and co-location services. The company was formerly known as Cryptyde, Inc and changed its name to Eightco Holdings Inc in April 2023. Eightco Holdings Inc was incorporated in 1966 and is headquartered in Easton, Pennsylvania.