Eightco Sees Unusually High Options Volume (NASDAQ:ORBS)

Key Points

• Traders bought 10,500 call options on Eightco on Thursday, roughly an 80% increase versus the typical volume of 5,827 calls, signaling unusually high bullish options activity.
• Eightco's board approved a $125.00 million share buyback that could repurchase up to 34.4% of shares, suggesting management believes the stock is undervalued.
• Analysts rate the stock a Sell (Weiss reissued "sell (d-)"); the shares traded at $0.84 with a market cap of $166.18M and a 52‑week range of $0.74–$83.12.

Eightco Holdings Inc. (NASDAQ:ORBS - Get Free Report) was the target of some unusual options trading on Thursday. Traders bought 10,500 call options on the company. This is an increase of approximately 80% compared to the typical volume of 5,827 call options.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Eightco in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of "Sell".

Eightco Stock Performance

NASDAQ ORBS traded down $0.09 during trading on Thursday, hitting $0.84. 6,753,742 shares of the company's stock were exchanged, compared to its average volume of 17,697,477. The stock has a market capitalization of $166.18 million, a P/E ratio of -0.60 and a beta of 2.33. Eightco has a fifty-two week low of $0.74 and a fifty-two week high of $83.12. The firm's 50 day moving average price is $1.10.

Eightco declared that its Board of Directors has approved a stock buyback program on Monday, December 29th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the company to reacquire up to 34.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. PEAK6 LLC acquired a new position in Eightco during the fourth quarter worth about $26,000. LPL Financial LLC acquired a new position in Eightco during the fourth quarter worth about $28,000. Barclays PLC acquired a new position in shares of Eightco in the fourth quarter valued at approximately $33,000. Monograph Wealth Advisors LLC acquired a new position in shares of Eightco in the fourth quarter valued at approximately $33,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in shares of Eightco in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 12.85% of the company's stock.

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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