Eightco (NASDAQ:OCTO) Trading Down 8.9% – Should You Sell?

Shares of Eightco Holdings Inc. (NASDAQ:OCTO) were down 8.9% during trading on Wednesday . The company traded as low as $3.58 and last traded at $3.60. Approximately 1,690,660 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 11,576,554 shares. The stock had previously closed at $3.95.

Eightco Trading Down 8.9%

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 has a fifty day moving average price of $10.44 and a two-hundred day moving average price of $4.54. The firm has a market capitalization of $10.96 million, a price-to-earnings ratio of -1.19 and a beta of 0.84.

Eightco (NASDAQ:OCTO) last issued its earnings results on Tuesday, August 19th. The company reported ($0.38) earnings per share (EPS) for the quarter. The company had revenue of $7.58 million during the quarter. Eightco had a negative return on equity of 91.96% and a negative net margin of 21.43%.

Institutional Trading of Eightco

Several hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division acquired a new stake in shares of Eightco during the 3rd quarter worth approximately $844,000. Finemark National Bank & Trust grew its position in Eightco by 18.2% in the third quarter. Finemark National Bank & Trust now owns 25,419 shares of the company’s stock worth $613,000 after acquiring an additional 3,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Eightco during the third quarter worth $342,000. Brookwood Investment Group LLC acquired a new stake in Eightco during the third quarter worth $333,000. Finally, Gainplan LLC purchased a new stake in Eightco in the third quarter valued at $242,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

Eightco Company Profile

Eightco Holdings Inc provides inventory management and corrugated custom packaging solutions in North America and Europe. It manufactures and sells custom packaging solutions for a various product; and provides and resells bitcoin mining equipment and co-location services. The company was formerly known as Cryptyde, Inc and changed its name to Eightco Holdings Inc in April 2023.