Eightco Target of Unusually High Options Trading (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the recipient of some unusual options trading activity on Thursday. Investors acquired 15,304 put options on the company. This is an increase of 51% compared to the typical daily volume of 10,166 put options.

Eightco Trading Up 2.4%

Shares of ORBS traded up $0.02 during mid-day trading on Thursday, reaching $0.95. 12,387,817 shares of the stock traded hands, compared to its average volume of 18,666,447. The stock has a market cap of $368.22 million, a price-to-earnings ratio of -1.63 and a beta of 1.98. The firm has a fifty day moving average of $0.93. Eightco has a 12-month low of $0.72 and a 12-month high of $83.12.

Eightco (NASDAQ:ORBS) last posted its quarterly earnings data on Wednesday, April 15th. The company reported ($2.39) earnings per share (EPS) for the quarter. The firm had revenue of $10.19 million for the quarter. Eightco had a negative net margin of 1,095.69% and a negative return on equity of 111.48%.

Institutional Trading of Eightco

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. OMERS ADMINISTRATION Corp increased its stake in shares of Eightco by 187.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 158,800 shares of the company’s stock worth $148,000 after buying an additional 103,600 shares during the last quarter. Yorkville Advisors Global LP bought a new stake in shares of Eightco in the first quarter worth $27,000. Chicago Partners Investment Group LLC bought a new stake in shares of Eightco in the first quarter worth $34,000. Krilogy Financial LLC bought a new stake in shares of Eightco in the first quarter worth $33,000. Finally, PEAK6 LLC bought a new stake in shares of Eightco in the fourth quarter worth $26,000. Institutional investors own 12.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Eightco from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

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.