Eightco (NASDAQ:OCTO) Stock Price Down 4.1% – Should You Sell?

Shares of Eightco Holdings Inc. (NASDAQ:OCTO) were down 4.1% on Wednesday . The company traded as low as $1.85 and last traded at $1.89. Approximately 6,410,076 shares traded hands during trading, a decline of 45% from the average daily volume of 11,576,554 shares. The stock had previously closed at $1.97.

Eightco Stock Down 4.1%

The firm’s 50-day moving average price is $2.84 and its 200-day moving average price is $4.86. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.30 and a quick ratio of 0.09. The company has a market cap of $5.76 million, a price-to-earnings ratio of -0.63 and a beta of 0.84.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. acquired a new position in shares of Eightco during the third quarter worth about $291,148,000. Pantera Capital Partners LP purchased a new stake in shares of Eightco during the 3rd quarter valued at about $280,733,000. Anson Funds Management LP purchased a new stake in shares of Eightco during the 3rd quarter valued at about $198,164,000. Polar Asset Management Partners Inc. acquired a new position in Eightco during the 3rd quarter worth approximately $13,211,000. Finally, UBS Group AG boosted its holdings in Eightco by 21,435.9% in 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 during the period. 12.85% of the stock is owned by hedge funds and other institutional investors.

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. Eightco Holdings Inc was incorporated in 1966 and is headquartered in Easton, Pennsylvania.