Eightco (NASDAQ:OCTO) Stock Jumps 10.7% – Here’s What Happened

Shares of Eightco Holdings Inc. (NASDAQ:OCTO) were up 10.7% during trading on Monday. The stock traded as high as $1.14 and last traded at $1.14. 14,616,165 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 11,576,554 shares. The stock had previously closed at $1.03.

Eightco Trading Up 10.7%

The stock has a market cap of $3.47 million, a P/E ratio of -0.38 and a beta of 0.84. The stock’s 50-day moving average is $0.81 and its two-hundred day moving average is $0.86. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.30 and a quick ratio of 0.09.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OCTO. Polar Asset Management Partners Inc. purchased a new stake in shares of Eightco in the second quarter worth about $381,000. Cable Car Capital LP bought a new stake in Eightco in the 2nd quarter worth approximately $344,000. Galaxy Digital Inc. purchased a new stake in shares of Eightco during the 2nd quarter worth approximately $2,638,000. Legal & General Group Plc purchased a new position in shares of Eightco in the second quarter valued at $33,000. Finally, PEAK6 LLC purchased a new position in shares of Eightco in the second quarter valued at $603,000. Institutional investors own 12.85% of the company’s stock.

About Eightco

Eightco Holdings Inc is a diversified holding company focused primarily on e-commerce-related businesses and digital assets. Its principal operating subsidiary, Forever 8, provides inventory financing and related services designed to help online merchants purchase, manage and replenish inventory without bearing the full upfront cost.

Forever 8 uses an inventory-as-a-service model intended to support e-commerce sellers as they scale their businesses. The platform’s services include inventory purchasing and funding, with repayment generally linked to the merchant’s sales activity.