Eightco (NASDAQ:ORBS) Shares Up 4% – Here’s What Happened

Eightco Holdings Inc. (NASDAQ:ORBS) shares rose 4% during trading on Tuesday . The company traded as high as $0.6980 and last traded at $0.6841. 10,401,099 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 13,480,786 shares. The stock had previously closed at $0.6576.

Wall Street Analyst Weigh In

ORBS has been the topic of several recent analyst reports. Wall Street Zen upgraded Eightco from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Eightco in a research report on Tuesday, June 9th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Eightco Stock Performance

The firm has a market capitalization of $259.08 million, a P/E ratio of -1.13 and a beta of 2.09. The firm’s 50-day moving average is $0.77 and its 200 day moving average is $0.96.

Insider Activity at Eightco

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

Institutional Investors Weigh In On Eightco

A number of hedge funds and other institutional investors have recently bought and sold shares of ORBS. PEAK6 LLC bought a new position in shares of Eightco during the 4th quarter worth approximately $26,000. LPL Financial LLC bought a new stake in shares of Eightco in the fourth quarter worth $28,000. Monograph Wealth Advisors LLC acquired a new position in Eightco during the fourth quarter worth $33,000. Barclays PLC bought a new position in Eightco in the fourth quarter valued at $33,000. Finally, JTC Employer Solutions Trustee Ltd bought a new position in Eightco in the fourth quarter valued at $35,000. 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.