Eightco (NASDAQ:OCTO) Shares Up 10.7% – Here’s What Happened

Eightco Holdings Inc. (NASDAQ:OCTO)’s share price rose 10.7% on Monday. The company traded as high as $1.14 and last traded at $1.14. 14,616,165 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 11,576,554 shares. The stock had previously closed at $1.03.

Eightco Trading Up 10.7%

The company has a debt-to-equity ratio of 1.15, a current ratio of 0.30 and a quick ratio of 0.09. The company has a 50-day moving average of $0.81 and a 200 day moving average of $0.86. The company has a market cap of $3.47 million, a PE ratio of -0.38 and a beta of 0.84.

Institutional Trading of Eightco

Several hedge funds and other institutional investors have recently bought and sold shares of OCTO. BlackRock Inc. bought a new stake in Eightco in the second quarter worth $3,967,000. Galaxy Digital Inc. purchased a new position in Eightco during the second quarter worth $2,638,000. PEAK6 LLC bought a new position in Eightco during the second quarter valued at $603,000. Polar Asset Management Partners Inc. bought a new position in Eightco during the second quarter valued at $381,000. Finally, Cable Car Capital LP purchased a new stake in shares of Eightco in the second quarter valued at $344,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

About Eightco

Eightco Holdings Inc is a diversified holding company focused primarily on e-commerce-related businesses and digital assets. Its principal operating subsidiary, Forever 8, provides inventory financing and related services designed to help online merchants purchase, manage and replenish inventory without bearing the full upfront cost.

Forever 8 uses an inventory-as-a-service model intended to support e-commerce sellers as they scale their businesses. The platform’s services include inventory purchasing and funding, with repayment generally linked to the merchant’s sales activity.