Eightco (NASDAQ:ORBS) Stock Price Up 14.3% – What’s Next?

Eightco Holdings Inc. (NASDAQ:ORBS)’s stock price 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 traded hands during mid-day trading, an increase of 164% from the average session volume of 4,975,567 shares. The stock had previously closed at $1.40.

Analysts Set New Price Targets

ORBS has been the subject of a number of recent research reports. Wall Street Zen lowered Eightco from a “hold” rating to a “sell” rating in a report on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eightco in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Eightco Trading Up 14.3%

The firm has a market capitalization of $316.53 million, a PE ratio of -1.13 and a beta of 2.31. The stock’s fifty day simple moving average is $2.08.

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

Eightco declared that its Board of Directors has approved a stock buyback plan on Monday, December 29th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 34.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Eightco during the 4th quarter worth $153,000. UBS Group AG purchased a new position in shares of Eightco during the fourth quarter worth about $4,528,000. Finally, Huntleigh Advisors Inc. acquired a new stake in shares of Eightco during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 12.85% of the company’s stock.

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.