Eightco (NASDAQ:ORBS) Stock Price Down 1.7% – Here’s What Happened

Eightco Holdings Inc. (NASDAQ:ORBS) shares were down 1.7% during trading on Wednesday . The stock traded as low as $1.16 and last traded at $1.19. Approximately 5,074,560 shares were traded during mid-day trading, an increase of 82% from the average daily volume of 2,780,962 shares. The stock had previously closed at $1.21.

Wall Street Analysts Forecast Growth

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

Eightco Trading Down 1.7%

The firm has a market capitalization of $235.42 million, a price-to-earnings ratio of -0.84 and a beta of 2.31. The business’s 50-day moving average price is $1.56.

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

Eightco declared that its Board of Directors has initiated a stock buyback plan on Monday, December 29th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 34.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Eightco

Large investors have recently bought and sold shares of the stock. PEAK6 LLC purchased a new position in Eightco during the 4th quarter worth $26,000. LPL Financial LLC bought a new position in shares of Eightco during the fourth quarter valued at about $28,000. Barclays PLC purchased a new position in Eightco during the fourth quarter worth about $33,000. Monograph Wealth Advisors LLC bought a new stake in Eightco in the 4th quarter worth about $33,000. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in Eightco in the 4th quarter worth about $35,000. 12.85% of the stock is currently owned by 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.