Eightco (NASDAQ:OCTO) Shares Up 2.9% – Time to Buy?

Shares of Eightco Holdings Inc. (NASDAQ:OCTO) rose 2.9% during trading on Wednesday . The stock traded as high as $1.12 and last traded at $1.08. Approximately 35,265,195 shares changed hands during trading, an increase of 205% from the average daily volume of 11,576,554 shares. The stock had previously closed at $1.05.

Eightco Stock Up 2.9%

The stock has a market cap of $3.29 million, a price-to-earnings ratio of -0.36 and a beta of 0.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.09 and a current ratio of 0.30. The firm’s 50-day simple moving average is $0.91 and its two-hundred day simple moving average is $1.34.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OCTO. JPMorgan Chase & Co. bought a new position in shares of Eightco in the 3rd quarter worth $100,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Eightco in the 3rd quarter valued at about $128,000. Mairs & Power Inc. acquired a new stake in shares of Eightco in the 3rd quarter valued at approximately $263,000. Two Sigma Investments LP acquired a new position in Eightco during the third quarter valued at approximately $288,000. Finally, Qube Research & Technologies Ltd bought a new stake in Eightco in the third quarter valued at approximately $320,000. Institutional investors own 12.85% of the company’s stock.

Eightco Company Profile

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.