Eightco (NASDAQ:OCTO) Shares Climb 10.7% – Here’s Why

Shares of Eightco Holdings Inc. (NASDAQ:OCTO) rose 10.7% during trading on Monday. The stock traded as high as $1.14 and last traded at $1.14. 14,616,165 shares changed hands during trading, an increase of 26% from the average daily volume of 11,576,554 shares. The stock had previously closed at $1.03.

Eightco Stock Up 1.7%

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 capitalization of $3.59 million, a P/E ratio of -0.39 and a beta of 0.84. The stock’s fifty day moving average is $0.82 and its two-hundred day moving average is $0.86.

Hedge Funds Weigh In On Eightco

A number of hedge funds have recently modified their holdings of OCTO. BlackRock Inc. acquired a new stake in shares of Eightco during the second quarter worth $3,967,000. Galaxy Digital Inc. purchased a new position in Eightco in the 2nd quarter worth about $2,638,000. PEAK6 LLC purchased a new position in Eightco in the 2nd quarter worth about $603,000. Polar Asset Management Partners Inc. purchased a new stake in Eightco during the second quarter valued at about $381,000. Finally, Cable Car Capital LP purchased a new position in shares of Eightco in the second quarter worth approximately $344,000. 12.85% of the stock is currently owned by institutional investors and hedge funds.

About Eightco

Eightco Holdings Inc is a diversified holding company focused primarily on e-commerce-related businesses and digital assets. Its principal operating subsidiary, Forever 8, provides inventory financing and related services designed to help online merchants purchase, manage and replenish inventory without bearing the full upfront cost.

Forever 8 uses an inventory-as-a-service model intended to support e-commerce sellers as they scale their businesses. The platform’s services include inventory purchasing and funding, with repayment generally linked to the merchant’s sales activity.