Eightco (NASDAQ:OCTO) Stock Price Down 3.6% – Here’s Why

Eightco Holdings Inc. (NASDAQ:OCTO) shares dropped 3.6% during mid-day trading on Monday. The stock traded as low as $0.73 and last traded at $0.7396. 22,845,074 shares were traded during mid-day trading, an increase of 97% from the average session volume of 11,576,554 shares. The stock had previously closed at $0.7676.

Eightco Trading Up 7.6%

The firm has a market capitalization of $2.42 million, a price-to-earnings ratio of -0.26 and a beta of 0.84. The business’s 50 day moving average price is $0.91 and its 200-day moving average price 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 Trading of Eightco

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

About Eightco

Eightco Holdings Inc (NASDAQ: OCTO) is a holding company focused primarily on businesses serving the e-commerce market. Its principal operating business, Forever 8, provides inventory financing and related working-capital solutions to online merchants.

Through its financing platform, Forever 8 helps eligible e-commerce businesses acquire inventory without paying the full cost upfront. The inventory is then sold through the merchant’s online sales channels, with repayment generally linked to inventory sales.