Eightco (NASDAQ:ORBS) Issues Earnings Results

Eightco (NASDAQ:ORBS) issued its earnings results on Friday. The company reported $0.13 earnings per share (EPS) for the quarter, FiscalAI reports. Eightco had a negative net margin of 1,260.96% and a negative return on equity of 78.14%. The company had revenue of $0.09 million during the quarter.

Eightco Trading Down 0.7%

Shares of ORBS stock traded down $0.00 during mid-day trading on Friday, reaching $0.67. The stock had a trading volume of 6,237,519 shares, compared to its average volume of 17,010,264. Eightco has a 12-month low of $0.57 and a 12-month high of $3.62. The company has a market cap of $280.54 million, a P/E ratio of -3.04 and a beta of 2.06. The business has a 50-day simple moving average of $0.90 and a 200 day simple moving average of $0.91.

Insider Activity

In other Eightco news, CEO Kevin O’Donnell acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average cost of $0.81 per share, for a total transaction of $40,500.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eightco

Hedge funds have recently added to or reduced their stakes in the business. StoneX Group Inc. purchased a new position in shares of Eightco during the 3rd quarter worth approximately $29,000. Yorkville Advisors Global LP acquired a new position in shares of Eightco during the 1st quarter worth approximately $27,000. Caerus Investment Advisors LLC purchased a new stake in Eightco in the 1st quarter valued at approximately $29,000. A. D. Beadell Investment Counsel Inc. lifted its stake in Eightco by 261.6% in the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 45,200 shares of the company’s stock valued at $31,000 after buying an additional 32,700 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in Eightco during the 1st quarter valued at $34,000. 12.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Eightco from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, Eightco has an average rating of “Sell”.

About Eightco

Eightco Holdings, Inc. is a digital asset treasury company focused on Worldcoin (WLD), the digital token associated with the World network. The company has also described its strategy as including investments in businesses involved in artificial intelligence and digital identity. Eightco previously operated in e-commerce, including through its Forever 8 business, which provided inventory and related services to online sellers. Its shift to a digital asset and technology-focused strategy represents a change from those earlier activities.