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

Key Points

• Eightco shares jumped 3.0%, opening at $1.2850 versus the prior close of $1.18, before trading near $1.2450 on volume of roughly 3.46 million shares.
• Despite Weiss Ratings upgrading the stock from “sell (e+)” to “sell (d-),” Eightco retains a consensus “Sell” rating from analysts. The company has a $522.18 million market capitalization, negative profitability, and a price-to-earnings ratio of -5.48.
• CEO Kevin O’Donnell purchased 50,000 shares at $0.81 each, increasing his stake by 4.01%; insiders own 3.44% of the company, while hedge funds and institutions own 12.85%.

Eightco Holdings Inc. (NASDAQ:ORBS - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $1.18, but opened at $1.2850. Eightco shares last traded at $1.2450, with a volume of 3,463,670 shares traded.

Wall Street Analysts Forecast Growth

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

Eightco Trading Up 3.0%

The firm's 50 day simple moving average is $0.83 and its 200 day simple moving average is $0.86. The firm has a market cap of $522.18 million, a PE ratio of -5.48 and a beta of 2.13.

Eightco (NASDAQ:ORBS - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.04 earnings per share (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.

Insider Buying and Selling

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

Hedge Funds Weigh In On Eightco

A number of large investors have recently made changes to their positions in ORBS. PEAK6 LLC bought a new position in shares of Eightco during the fourth quarter valued at approximately $26,000. Monograph Wealth Advisors LLC bought a new stake in shares of Eightco during the 4th quarter worth approximately $33,000. Yorkville Advisors Global LP bought a new stake in shares of Eightco during the 1st quarter worth approximately $27,000. Caerus Investment Advisors LLC purchased a new position in Eightco during the 1st quarter valued at $29,000. Finally, A. D. Beadell Investment Counsel Inc. boosted its holdings in Eightco by 261.6% during the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 45,200 shares of the company's stock valued at $31,000 after acquiring an additional 32,700 shares during the period. 12.85% of the stock is owned by hedge funds and other institutional investors.

About Eightco

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.