Eightco (NASDAQ:ORBS) Trading 4% Higher - Time to Buy?

Key Points

• Eightco shares rose 4% to approximately $0.6841, with 10.4 million shares traded—below the stock’s average volume.
• Analyst sentiment remains negative: Weiss Ratings reaffirmed a “sell (e+)” rating, Wall Street Zen rates the stock “sell,” and MarketBeat reports an average “Sell” rating.
• CEO Kevin J. O’Donnell purchased 200,000 shares at $0.92 each, increasing his stake by 19.11%; however, the stock remains below its 50-day and 200-day moving averages.

Eightco Holdings Inc. (NASDAQ:ORBS - Get Free Report)'s share price shot up 4% on Tuesday . The stock traded as high as $0.6980 and last traded at $0.6841. 10,401,099 shares traded hands during trading, a decline of 23% from the average session volume of 13,480,786 shares. The stock had previously closed at $0.6576.

Wall Street Analyst Weigh In

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

Eightco Price Performance

The company's 50-day moving average is $0.78 and its 200-day moving average is $0.97. The firm has a market capitalization of $265.44 million, a price-to-earnings ratio of -1.16 and a beta of 2.09.

Insider Buying and Selling

In related news, CEO Kevin J. O'donnell purchased 200,000 shares of the business's stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $0.92 per share, with a total value of $184,000.00. Following the completion of the purchase, 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 acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 3.44% of the company's stock.

Institutional Trading of Eightco

Several institutional investors have recently made changes to their positions in the stock. PEAK6 LLC acquired a new stake in shares of Eightco during the 4th quarter worth $26,000. Yorkville Advisors Global LP acquired a new position in Eightco in the first quarter valued at $27,000. LPL Financial LLC purchased a new stake in Eightco during the fourth quarter valued at about $28,000. Caerus Investment Advisors LLC purchased a new stake in Eightco during the first quarter valued at about $29,000. Finally, Monograph Wealth Advisors LLC purchased a new stake in Eightco during the fourth quarter valued at about $33,000. 12.85% of the stock is owned by hedge funds and other institutional investors.

About Eightco

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.

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