Eightco (NASDAQ:OCTO) Shares Down 3.5% – Should You Sell?

Eightco Holdings Inc. (NASDAQ:OCTO)’s share price fell 3.5% during mid-day trading on Tuesday. The stock traded as low as $0.7018 and last traded at $0.72. Approximately 6,499,163 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 11,576,554 shares. The stock had previously closed at $0.7459.

Eightco Price Performance

The stock has a market cap of $2.24 million, a P/E ratio of -0.24 and a beta of 0.84. The company has a current ratio of 0.30, a quick ratio of 0.09 and a debt-to-equity ratio of 1.15. The company’s fifty day simple moving average is $0.91 and its 200-day simple moving average is $0.92.

Institutional Trading of Eightco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Eightco in the second quarter worth about $3,967,000. Galaxy Digital Inc. acquired a new stake in Eightco during the second quarter valued at approximately $2,638,000. PEAK6 LLC bought a new stake in shares of Eightco in the 2nd quarter valued at approximately $603,000. Polar Asset Management Partners Inc. bought a new stake in shares of Eightco in the 2nd quarter valued at approximately $381,000. Finally, Cable Car Capital LP bought a new stake in shares of Eightco in the 2nd quarter valued at approximately $344,000. Institutional investors own 12.85% of the company’s stock.

About Eightco

Eightco Holdings, Inc. is a holding company focused on developing and acquiring businesses in areas including e-commerce, financial technology and digital assets. The company is publicly traded on the Nasdaq Capital Market under the symbol OCTO. One of Eightco’s principal operating businesses has been Forever 8, an e-commerce inventory management and financing platform. Forever 8 is designed to help online merchants obtain inventory, manage purchasing and improve cash flow by providing technology-supported inventory solutions.