Eightco (NASDAQ:OCTO) Shares Down 8.8% – Should You Sell?

Eightco Holdings Inc. (NASDAQ:OCTO)’s stock price traded down 8.8% during trading on Tuesday . The company traded as low as $2.45 and last traded at $2.50. 3,254,232 shares traded hands during trading, a decline of 72% from the average session volume of 11,576,554 shares. The stock had previously closed at $2.74.

Eightco Stock Performance

The firm has a market capitalization of $7.61 million, a price-to-earnings ratio of -0.83 and a beta of 0.84. The firm’s 50-day moving average price is $4.89 and its two-hundred day moving average price is $4.81. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.09 and a current ratio of 0.30.

Hedge Funds Weigh In On Eightco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OCTO. JPMorgan Chase & Co. bought a new position in Eightco in the 3rd quarter valued at $100,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Eightco in the 3rd quarter valued at $128,000. NTV Asset Management LLC bought a new stake in shares of Eightco in the third quarter worth about $241,000. Gainplan LLC acquired a new stake in Eightco during the 3rd quarter worth approximately $242,000. Finally, Mairs & Power Inc. bought a new position in Eightco during the 3rd quarter worth about $263,000. 12.85% of the stock is currently owned by institutional investors and hedge funds.

About Eightco

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.