Mozayyx Management LLC Invests $28.44 Million in Eightco Holdings Inc. $ORBS

Mozayyx Management LLC acquired a new position in Eightco Holdings Inc. (NASDAQ:ORBS) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 16,438,356 shares of the company’s stock, valued at approximately $28,438,000. Eightco makes up 22.3% of Mozayyx Management LLC’s holdings, making the stock its 2nd largest holding. Mozayyx Management LLC owned 8.31% of Eightco as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Group AG purchased a new stake in shares of Eightco in the 4th quarter valued at about $4,528,000. Occam Crest Management LP bought a new position in shares of Eightco in the fourth quarter worth approximately $3,081,000. State Street Corp purchased a new stake in Eightco in the fourth quarter valued at approximately $1,132,000. Squarepoint Ops LLC bought a new stake in Eightco during the fourth quarter valued at approximately $662,000. Finally, Swiss National Bank bought a new stake in Eightco during the fourth quarter valued at approximately $279,000. 12.85% of the stock is currently owned by hedge funds and other institutional investors.

Eightco Stock Performance

ORBS opened at $1.03 on Friday. The stock has a market capitalization of $399.65 million, a P/E ratio of -1.75 and a beta of 2.03. The stock has a 50-day moving average price of $0.92 and a 200-day moving average price of $1.32. Eightco Holdings Inc. has a 12-month low of $0.72 and a 12-month high of $83.12.

Eightco (NASDAQ:ORBS) last announced its quarterly earnings data on Wednesday, April 15th. The company reported ($2.39) earnings per share 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%.

Insider Buying and Selling

In other Eightco news, CEO Kevin J. O’donnell purchased 200,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $0.92 per share, with a total value of $184,000.00. Following the completion of the purchase, the chief executive officer owned 1,246,485 shares of the company’s stock, valued at $1,146,766.20. The trade was a 19.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.44% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ORBS shares. Wall Street Zen raised shares of Eightco from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Eightco in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Eightco 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.