Eightco (NASDAQ:ORBS) Shares Gap Up - What's Next?

Key Points

• Eightco shares jumped sharply, opening at $0.9859 after closing at $0.9036 and later trading at $1.1650 on volume of more than 19 million shares.
• Despite the rally, analyst sentiment remains negative: Wall Street Zen upgraded the stock only to “sell,” Weiss Ratings maintained a “sell (e+)” rating, and MarketBeat lists an average rating of “Sell.”
• CEO Kevin O’Donnell purchased 50,000 shares at $0.81 each, increasing his stake by 4.01%; however, the company reported a negative net margin of 1,260.96% and negative return on equity of 78.14% in its latest quarter.

Eightco Holdings Inc. (NASDAQ:ORBS - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $0.9036, but opened at $0.9859. Eightco shares last traded at $1.1650, with a volume of 19,217,456 shares trading hands.

Analyst Upgrades and Downgrades

ORBS has been the subject of several recent research reports. Wall Street Zen upgraded Eightco from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Eightco in a research report on Friday. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Eightco presently has an average rating of "Sell".

Eightco Price Performance

The stock has a 50-day moving average of $0.71 and a 200-day moving average of $0.87. The firm has a market cap of $500.69 million, a price-to-earnings ratio of -5.30 and a beta of 2.13.

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

Insiders Place Their Bets

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

Institutional Trading of Eightco

Several large investors have recently made changes to their positions in ORBS. PEAK6 LLC bought a new position in shares of Eightco in the 4th quarter valued at $26,000. LPL Financial LLC bought a new position in Eightco in the 4th quarter valued at approximately $28,000. Monograph Wealth Advisors LLC acquired a new stake in Eightco in the fourth quarter valued at approximately $33,000. Barclays PLC bought a new stake in shares of Eightco during the fourth quarter worth $33,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in shares of Eightco during the fourth quarter worth $35,000. Institutional investors and hedge funds own 12.85% of the company's stock.

Eightco Company Profile

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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