Eightco (NASDAQ:ORBS) Announces Earnings Results

Eightco (NASDAQ:ORBS) issued its quarterly earnings data on Friday. The company reported $0.04 earnings per share for the quarter, FiscalAI reports. The business had revenue of $2.07 million during the quarter. Eightco had a negative net margin of 1,095.69% and a negative return on equity of 111.48%.

Eightco Stock Performance

Shares of NASDAQ ORBS opened at $0.69 on Friday. Eightco has a 52 week low of $0.57 and a 52 week high of $83.12. The stock has a market capitalization of $267.38 million, a P/E ratio of -1.17 and a beta of 2.09. The stock’s fifty day moving average is $0.76 and its 200 day moving average is $0.96.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ORBS. Wall Street Zen upgraded shares of Eightco from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Eightco in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Insider Buying and Selling

In other news, CEO Kevin J. O’donnell acquired 200,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average price of $0.92 per share, with a total value of $184,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,485 shares of the company’s stock, valued at $1,146,766.20. This trade represents a 19.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eightco

Several hedge funds have recently bought and sold shares of ORBS. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Eightco in the 4th quarter valued at approximately $153,000. UBS Group AG acquired a new stake in shares of Eightco during the 4th quarter worth approximately $4,528,000. Huntleigh Advisors Inc. bought a new position in Eightco in the fourth quarter valued at approximately $38,000. Geode Capital Management LLC acquired a new position in Eightco during the fourth quarter valued at approximately $3,036,000. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in Eightco during the fourth quarter valued at approximately $35,000. 12.85% of the stock is owned by institutional investors.

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.