Eightco (NASDAQ:OCTO) Stock Falls 3.5% – Should You Sell?

Eightco Holdings Inc. (NASDAQ:OCTO)’s stock price traded down 3.5% during trading on Tuesday. The company traded as low as $0.7018 and last traded at $0.72. Approximately 6,499,163 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 11,576,554 shares. The stock had previously closed at $0.7459.

Eightco Stock Performance

The company has a debt-to-equity ratio of 1.15, a current ratio of 0.30 and a quick ratio of 0.09. The stock has a market cap of $2.19 million, a PE ratio of -0.24 and a beta of 0.84. The stock has a 50-day simple moving average of $0.91 and a 200-day simple moving average of $0.92.

Hedge Funds Weigh In On Eightco

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Eightco during the second quarter worth about $3,967,000. Galaxy Digital Inc. acquired a new position in Eightco in the second quarter valued at approximately $2,638,000. PEAK6 LLC bought a new position in shares of Eightco during the second quarter valued at approximately $603,000. Polar Asset Management Partners Inc. bought a new position in shares of Eightco during the second quarter valued at approximately $381,000. Finally, Cable Car Capital LP bought a new stake in shares of Eightco in the 2nd quarter worth approximately $344,000. Institutional investors and hedge funds own 12.85% of the company’s stock.

About Eightco

Eightco Holdings, Inc. is a holding company focused on developing and acquiring businesses in areas including e-commerce, financial technology and digital assets. The company is publicly traded on the Nasdaq Capital Market under the symbol OCTO. One of Eightco’s principal operating businesses has been Forever 8, an e-commerce inventory management and financing platform. Forever 8 is designed to help online merchants obtain inventory, manage purchasing and improve cash flow by providing technology-supported inventory solutions.