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

Eightco Holdings Inc. (NASDAQ:ORBS) was the target of some unusual options trading activity on Monday. Investors purchased 10,019 call options on the company. This is an increase of 244% compared to the average volume of 2,910 call options.

Eightco Price Performance

Shares of ORBS traded up $0.32 during trading hours on Monday, reaching $1.15. The stock had a trading volume of 62,037,700 shares, compared to its average volume of 11,983,959. Eightco has a 12 month low of $0.74 and a 12 month high of $83.12. The company has a market cap of $226.52 million, a PE ratio of -0.83 and a beta of 2.38. The stock has a 50-day moving average price of $1.34.

Eightco declared that its Board of Directors has initiated a share repurchase program on Monday, December 29th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to reacquire up to 34.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen cut Eightco from a “hold” rating to a “sell” rating in a research note on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eightco in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Institutional Trading of Eightco

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

Eightco Company Profile

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.