Eightco (NASDAQ:ORBS) Trading Up 14.3% – Time to Buy?

Eightco Holdings Inc. (NASDAQ:ORBS) traded up 14.3% during trading on Thursday . The stock traded as high as $1.63 and last traded at $1.60. 13,146,693 shares were traded during trading, an increase of 164% from the average session volume of 4,975,567 shares. The stock had previously closed at $1.40.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Eightco in a research report on Monday, December 29th. Wall Street Zen cut shares of Eightco from a “hold” rating to a “sell” rating in a research note on Friday, November 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Eightco presently has an average rating of “Sell”.

Eightco Price Performance

The company’s 50 day moving average is $2.08. The company has a market capitalization of $316.53 million, a price-to-earnings ratio of -1.13 and a beta of 2.31.

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

Eightco announced that its Board of Directors has authorized a share buyback plan on Monday, December 29th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to purchase 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.

Hedge Funds Weigh In On Eightco

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Huntleigh Advisors Inc. acquired a new position in Eightco in the 4th quarter valued at about $38,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Eightco in the fourth quarter valued at approximately $153,000. Finally, UBS Group AG purchased a new stake in Eightco during the 4th quarter worth approximately $4,528,000. 12.85% of the stock is currently owned by hedge funds and other institutional investors.

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.