Alyeska Investment Group L.P. Sells 2,243,229 Shares of Eightco Holdings Inc. $ORBS

Key Points

• Alyeska Investment Group cut its Eightco Holdings stake by 14%, selling 2,243,229 shares and retaining 13.84 million shares, or about 3.22% of the company.
• Eightco has a consensus “Sell” rating, with Weiss Ratings reaffirming a sell recommendation and Wall Street Zen maintaining a sell rating after an upgrade from “strong sell.”
• CEO Kevin J. O’Donnell bought 50,000 shares at $0.81 each, while the stock opened at $0.77; the company reported $2.07 million in quarterly revenue and negative profitability metrics.

Alyeska Investment Group L.P. reduced its stake in Eightco Holdings Inc. (NASDAQ:ORBS - Free Report) by 14.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,836,775 shares of the company's stock after selling 2,243,229 shares during the period. Alyeska Investment Group L.P. owned about 3.22% of Eightco worth $9,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ORBS. PEAK6 LLC acquired a new stake in shares of Eightco during the 4th quarter valued at $26,000. LPL Financial LLC bought a new position in Eightco in the fourth quarter valued at about $28,000. Monograph Wealth Advisors LLC acquired a new stake in shares of Eightco during the fourth quarter valued at about $33,000. Barclays PLC acquired a new stake in shares of Eightco during the fourth quarter valued at about $33,000. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in shares of Eightco during the fourth quarter worth about $35,000. 12.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ORBS. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Eightco in a research note on Tuesday, June 9th. Wall Street Zen upgraded shares of Eightco from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Eightco presently has a consensus rating of "Sell".

Insider Buying and Selling

In other Eightco news, CEO Kevin J. O'donnell acquired 50,000 shares of the stock in a transaction dated Friday, August 28th. The stock was purchased at an average cost of $0.81 per share, with a total value of $40,500.00. Following the transaction, the chief executive officer owned 1,296,485 shares in the company, valued at approximately $1,050,152.85. The trade was a 4.01% 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.

Eightco Price Performance

Shares of ORBS opened at $0.77 on Tuesday. Eightco Holdings Inc. has a 1 year low of $0.57 and a 1 year high of $83.12. The company has a market capitalization of $329.04 million, a price-to-earnings ratio of -3.48 and a beta of 2.09. The business has a 50-day moving average of $0.70 and a 200-day moving average of $0.88.

Eightco (NASDAQ:ORBS - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.04 EPS for the quarter. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%.The business had revenue of $2.07 million for the quarter.

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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