Traders Buy Large Volume of Call Options on Eightco (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the target of unusually large options trading on Tuesday. Investors purchased 15,160 call options on the stock. This is an increase of 74% compared to the typical daily volume of 8,705 call options.

Eightco Stock Up 23.4%

NASDAQ:ORBS traded up $0.21 during mid-day trading on Tuesday, hitting $1.11. 13,596,657 shares of the company traded hands, compared to its average volume of 17,569,072. The stock’s fifty day moving average price is $0.71 and its 200-day moving average price is $0.87. The firm has a market cap of $479.20 million, a price-to-earnings ratio of -5.04 and a beta of 2.13. Eightco has a one year low of $0.57 and a one year high of $49.47.

Eightco (NASDAQ:ORBS) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.04 EPS for the quarter. The firm had revenue of $2.07 million for the quarter. Eightco had a negative return on equity of 78.14% and a negative net margin of 1,260.96%.

Insider Activity

In other Eightco news, CEO Kevin O’Donnell purchased 50,000 shares of Eightco stock in a transaction dated Friday, August 28th. The stock was purchased at an average price of $0.81 per share, with a total value of $40,500.00. Following the transaction, the chief executive officer directly owned 1,296,485 shares of the company’s stock, valued at $1,050,152.85. This trade represents a 4.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eightco

Large investors have recently added to or reduced their stakes in the company. PEAK6 LLC bought a new position in shares of Eightco in the fourth quarter worth approximately $26,000. Yorkville Advisors Global LP purchased a new position in shares of Eightco during the 1st quarter valued at $27,000. LPL Financial LLC bought a new position in Eightco in the 4th quarter worth $28,000. Caerus Investment Advisors LLC bought a new position in Eightco in the 1st quarter worth $29,000. Finally, A. D. Beadell Investment Counsel Inc. increased 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 worth $31,000 after buying an additional 32,700 shares in the last quarter. Hedge funds and other institutional investors own 12.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ORBS shares. Wall Street Zen upgraded shares of Eightco from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Eightco in a research report on Friday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Eightco presently has a consensus 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.