Kevin O’donnell Purchases 50,000 Shares of Eightco (NASDAQ:ORBS) Stock

Eightco Holdings Inc. (NASDAQ:ORBS) CEO Kevin O’donnell bought 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 acquisition, the chief executive officer owned 1,296,485 shares in the company, valued at $1,050,152.85. The trade was a 4.01% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Eightco Trading Down 0.6%

Shares of ORBS opened at $0.76 on Wednesday. The firm has a market cap of $326.93 million, a price-to-earnings ratio of -3.46 and a beta of 2.09. The stock has a 50 day moving average of $0.70 and a 200-day moving average of $0.88. Eightco Holdings Inc. has a 52 week low of $0.57 and a 52 week high of $83.12.

Eightco (NASDAQ:ORBS) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.04 earnings per share 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 during the quarter.

Institutional Trading of Eightco

Hedge funds have recently made changes to their positions in the stock. Mozayyx Management LLC acquired a new position in Eightco during the 4th quarter valued at approximately $28,438,000. Alyeska Investment Group L.P. acquired a new stake in Eightco in the fourth quarter worth $21,136,000. Pantera Capital Partners LP acquired a new stake in Eightco in the fourth quarter worth $20,144,000. Anson Funds Management LP acquired a new stake in Eightco in the fourth quarter worth $14,219,000. Finally, JPMorgan Chase & Co. bought a new stake in Eightco in the fourth quarter valued at $4,657,000. Institutional investors own 12.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Eightco from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Eightco in a report on Tuesday, June 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

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.