Eightco Holdings Inc. (NASDAQ:OCTO) Sees Significant Decrease in Short Interest

Eightco Holdings Inc. (NASDAQ:OCTO) was the recipient of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 49,000 shares, a drop of 29.0% from the February 13th total of 69,000 shares. Based on an average trading volume of 507,300 shares, the days-to-cover ratio is currently 0.1 days. Currently, 2.5% of the shares of the company are sold short.

Eightco Stock Performance

OCTO stock traded down $0.02 during mid-day trading on Tuesday, reaching $1.10. 10,916 shares of the stock traded hands, compared to its average volume of 49,877. The company has a quick ratio of 0.22, a current ratio of 0.35 and a debt-to-equity ratio of 0.74. Eightco has a 52 week low of $1.02 and a 52 week high of $4.86. The business has a 50-day moving average of $1.57 and a two-hundred day moving average of $1.81.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Eightco stock. Geode Capital Management LLC bought a new position in shares of Eightco Holdings Inc. (NASDAQ:OCTO) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 13,828 shares of the company’s stock, valued at approximately $30,000. Geode Capital Management LLC owned approximately 0.57% of Eightco as of its most recent SEC filing. Institutional investors and hedge funds own 12.85% of the company’s stock.

About Eightco

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.