Eightco Target of Unusually High Options Trading (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the recipient of some unusual options trading activity on Thursday. Traders acquired 15,304 put options on the stock. This represents an increase of 51% compared to the average daily volume of 10,166 put options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ORBS. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Eightco during the fourth quarter valued at approximately $153,000. UBS Group AG acquired a new position in Eightco during the fourth quarter valued at approximately $4,528,000. Huntleigh Advisors Inc. acquired a new position in Eightco during the fourth quarter valued at approximately $38,000. Geode Capital Management LLC acquired a new position in Eightco during the fourth quarter valued at approximately $3,036,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in Eightco during the fourth quarter valued at approximately $35,000. 12.85% of the stock is owned by institutional investors and hedge funds.

Eightco Stock Up 2.4%

Shares of Eightco stock traded up $0.02 during mid-day trading on Thursday, hitting $0.95. 12,387,817 shares of the stock were exchanged, compared to its average volume of 18,666,447. The stock has a 50-day moving average of $0.93. Eightco has a twelve month low of $0.72 and a twelve month high of $83.12. The company has a market cap of $368.22 million, a PE ratio of -1.63 and a beta of 1.98.

Eightco (NASDAQ:ORBS) last released its earnings results on Wednesday, April 15th. The company reported ($2.39) earnings per share (EPS) for the quarter. Eightco had a negative return on equity of 111.48% and a negative net margin of 1,095.69%.The company had revenue of $10.19 million during the quarter.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Eightco from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Eightco has a consensus rating of “Sell”.

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.