Eightco (NASDAQ:ORBS) Shares Down 5.8% – Here’s What Happened

Eightco Holdings Inc. (NASDAQ:ORBS) shares were down 5.8% during trading on Monday . The company traded as low as $0.6250 and last traded at $0.6429. Approximately 8,713,217 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 15,618,706 shares. The stock had previously closed at $0.6825.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ORBS shares. Wall Street Zen upgraded Eightco from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Eightco in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Eightco Trading Down 5.8%

The stock has a market capitalization of $249.45 million, a P/E ratio of -1.09 and a beta of 2.08. The stock’s 50 day simple moving average is $0.86 and its 200 day simple moving average is $1.10.

Eightco (NASDAQ:ORBS) last announced its quarterly earnings data on Wednesday, April 15th. The company reported ($2.39) earnings per share for the quarter. The company had revenue of $10.19 million for the quarter. Eightco had a negative return on equity of 111.48% and a negative net margin of 1,095.69%.

Insider Activity at Eightco

In related news, CEO Kevin J. O’donnell purchased 200,000 shares of Eightco stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $0.92 per share, with a total value of $184,000.00. Following the completion of the transaction, the chief executive officer owned 1,246,485 shares of the company’s stock, valued at approximately $1,146,766.20. This trade represents a 19.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.44% of the company’s stock.

Institutional Trading of Eightco

Several hedge funds and other institutional investors have recently bought and sold shares of ORBS. PEAK6 LLC acquired a new stake in Eightco during the fourth quarter valued at approximately $26,000. Yorkville Advisors Global LP acquired a new position in shares of Eightco in the 1st quarter worth approximately $27,000. LPL Financial LLC acquired a new position in shares of Eightco in the 4th quarter worth approximately $28,000. Caerus Investment Advisors LLC acquired a new position in shares of Eightco in the 1st quarter worth approximately $29,000. Finally, Monograph Wealth Advisors LLC bought a new stake in shares of Eightco in the 4th quarter valued at approximately $33,000. 12.85% of the stock is owned by institutional investors.

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.