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

Eightco (NASDAQ:ORBS) announced that its Board of Directors has authorized 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 purchase up to 34.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Eightco Stock Down 8.2%

ORBS stock traded down $0.15 during midday trading on Tuesday, hitting $1.69. 5,325,603 shares of the company’s stock were exchanged, compared to its average volume of 4,089,706. The stock has a market cap of $333.34 million, a price-to-earnings ratio of -1.20 and a beta of 2.24. Eightco has a 1-year low of $0.98 and a 1-year high of $83.12.

Eightco (NASDAQ:ORBS) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.58) earnings per share for the quarter. The firm 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%.

Analyst Ratings Changes

A number of research analysts have recently commented on ORBS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eightco in a report on Monday. Wall Street Zen cut shares of Eightco from a “hold” rating to a “sell” rating in a research report on Friday, November 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus 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.