Eightco (NASDAQ:ORBS) Shares Climb 8% - Should You Buy?

Key Points

• Eightco shares rose 8% to about $1.23 in mid-day trading, although volume was roughly 70% below the average session level.
• Despite the gain, analyst sentiment remains negative: Weiss Ratings upgraded the stock only from “sell (e+)” to “sell (d-),” while the overall consensus rating is Sell.
• The company reported $2.07 million in quarterly revenue and $0.04 earnings per share, but continues to show severe losses, including a negative net margin of 1,260.96% and negative return on equity of 78.14%.

Eightco Holdings Inc. (NASDAQ:ORBS - Get Free Report)'s share price traded up 8% during mid-day trading on Monday. The stock traded as high as $1.25 and last traded at $1.2310. Approximately 5,252,925 shares were traded during trading, a decline of 70% from the average session volume of 17,282,330 shares. The stock had previously closed at $1.14.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Eightco from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, September 18th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Sell".

Eightco Trading Down 0.4%

The company has a market capitalization of $487.80 million, a price-to-earnings ratio of -5.16 and a beta of 2.13. The company's 50 day simple moving average is $0.81 and its 200-day simple moving average is $0.86.

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

Insider Activity

In other Eightco news, CEO Kevin O'Donnell acquired 50,000 shares of the stock in a transaction dated Friday, August 28th. The stock was acquired at an average price of $0.81 per share, with a total value of $40,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,296,485 shares in the company, valued at approximately $1,050,152.85. This trade represents a 4.01% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 3.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eightco

Large investors have recently added to or reduced their stakes in the business. PEAK6 LLC purchased a new position in Eightco during the fourth quarter worth approximately $26,000. Monograph Wealth Advisors LLC acquired a new stake in shares of Eightco during the 4th quarter worth $33,000. Yorkville Advisors Global LP acquired a new stake in shares of Eightco during the 1st quarter worth $27,000. Caerus Investment Advisors LLC purchased a new stake in Eightco during the first quarter valued at about $29,000. Finally, A. D. Beadell Investment Counsel Inc. increased its stake in Eightco by 261.6% during the second quarter. A. D. Beadell Investment Counsel Inc. now owns 45,200 shares of the company's stock worth $31,000 after acquiring an additional 32,700 shares during the last quarter. 12.85% of the stock is currently owned by hedge funds and other institutional investors.

Eightco Company Profile

Eightco Holdings Inc NASDAQ: ORBS is a technology-focused holding company that develops and operates businesses serving e-commerce merchants and the digital economy. Its activities have included inventory financing, fulfillment support, and other infrastructure intended to help online sellers manage product availability and working capital.

Through its Forever 8 business, Eightco has provided inventory funding and related services to e-commerce companies. The model is designed to help merchants purchase inventory, maintain stock levels, and repay financing as products are sold.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.