Eightco (NASDAQ:ORBS) to Buyback $125.00 million in Stock

Eightco (NASDAQ:ORBS) announced that its board has initiated a stock buyback program on Monday, December 29th, RTT News reports. The company plans to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 34.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Eightco Trading Down 8.2%

ORBS traded down $0.15 on Tuesday, hitting $1.69. 5,325,603 shares of the company’s stock traded hands, compared to its average volume of 4,089,706. Eightco has a one year low of $0.98 and a one year high of $83.12. The company has a market capitalization of $333.34 million, a PE ratio of -1.20 and a beta of 2.24.

Eightco (NASDAQ:ORBS) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.58) EPS for the quarter. The business had revenue of $5.30 million during the quarter. Eightco had a negative net margin of 74.37% and a negative return on equity of 14.76%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ORBS. Wall Street Zen downgraded Eightco from a “hold” rating to a “sell” rating in a research report on Friday, November 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Eightco in a research note on Monday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

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.