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. Stock traders purchased 36,162 call options on the stock. This represents an increase of approximately 319% compared to the average volume of 8,621 call options.

Eightco Trading Up 24.8%

ORBS stock traded up $0.18 during midday trading on Wednesday, hitting $0.91. The stock had a trading volume of 33,890,497 shares, compared to its average volume of 17,816,182. The firm has a market cap of $353.48 million, a price-to-earnings ratio of -1.55 and a beta of 1.98. Eightco has a 1-year low of $0.72 and a 1-year high of $83.12. The company’s fifty day moving average price is $0.92.

Eightco (NASDAQ:ORBS) last released its earnings results 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%.

Hedge Funds Weigh In On Eightco

Hedge funds and other institutional investors have recently bought and sold shares of the company. PEAK6 LLC bought a new stake in shares of Eightco during the fourth quarter worth about $26,000. LPL Financial LLC bought a new stake in Eightco in the 4th quarter worth about $28,000. Monograph Wealth Advisors LLC bought a new stake in Eightco in the 4th quarter worth about $33,000. Barclays PLC bought a new stake in Eightco in the 4th quarter worth about $33,000. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in Eightco in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 12.85% of the company’s stock.

About Eightco

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.