Eightco (NASDAQ:ORBS) Trading Down 1.7% – Time to Sell?

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

Analyst Ratings Changes

A number of analysts recently commented on ORBS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eightco in a research report on Monday, December 29th. Wall Street Zen downgraded 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, According to data from MarketBeat, Eightco currently has a consensus rating of “Sell”.

Eightco Trading Down 1.7%

The company has a market cap of $235.42 million, a P/E ratio of -0.84 and a beta of 2.31. The firm has a 50 day moving average of $1.56.

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

Eightco announced that its Board of Directors has initiated a stock buyback plan on Monday, December 29th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 34.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Eightco

Several large investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. bought a new stake in Eightco in the 4th quarter valued at about $21,136,000. Pantera Capital Partners LP purchased a new position in shares of Eightco in the fourth quarter worth about $20,144,000. Anson Funds Management LP bought a new stake in shares of Eightco in the fourth quarter valued at approximately $14,219,000. JPMorgan Chase & Co. bought a new stake in shares of Eightco in the fourth quarter valued at approximately $4,657,000. Finally, UBS Group AG purchased a new stake in shares of Eightco during the 4th quarter valued at approximately $4,528,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

About Eightco

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.