Traders Purchase High Volume of Call Options on Eightco (NASDAQ:ORBS)

Eightco Holdings Inc. (NASDAQ:ORBS) was the target of some unusual options trading activity on Wednesday. Investors purchased 36,162 call options on the company. This is an increase of 319% compared to the average volume of 8,621 call options.

Institutional Trading of Eightco

A number of hedge funds have recently added to or reduced their stakes in ORBS. Mozayyx Management LLC acquired a new position in shares of Eightco during the fourth quarter worth $28,438,000. Alyeska Investment Group L.P. acquired a new position in shares of Eightco during the fourth quarter worth $21,136,000. Pantera Capital Partners LP acquired a new position in shares of Eightco during the fourth quarter worth $20,144,000. Anson Funds Management LP acquired a new position in shares of Eightco during the fourth quarter worth $14,219,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Eightco during the fourth quarter worth $4,657,000. Institutional investors and hedge funds own 12.85% of the company’s stock.

Eightco Stock Up 24.8%

NASDAQ:ORBS traded up $0.18 during mid-day trading on Wednesday, reaching $0.91. The stock had a trading volume of 33,890,497 shares, compared to its average volume of 17,816,182. The business has a 50-day simple moving average of $0.92. The stock has a market capitalization of $353.48 million, a PE ratio of -1.55 and a beta of 1.98. Eightco 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 Friday, May 15th. The company reported ($0.32) earnings per share (EPS) for the quarter. The firm had revenue of $7.56 million during the quarter. Eightco had a negative net margin of 1,095.69% and a negative return on equity of 111.48%.

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.