Eightco's Bold Move: Share Buyback and Crypto Ambitions

Eightco, a company transitioning from inventory management to the crypto world, announced a significant share buyback plan on Monday. The board approved a program worth up to $125 million, signaling strong confidence in the company's future, particularly with its focus on Worldcoin, a crypto and AI platform for digital identity verification.

Key Highlights

• Buyback Program: Up to $125 million in share repurchases.
• Stock Performance:
• 30.93% surge on Monday.
• Year-to-date rally of 9.59%.
• Still down 35.47% over the past year.
• Trading Volume: 4.36 million shares, above the 3-month daily average of 2.83 million.
• Leadership Insight: Chairman Dan Ives emphasized the company's strong valuation and upcoming partnerships as key drivers for investor interest.

Focus on Worldcoin

Eightco's primary focus is on Worldcoin, a project co-founded by Sam Altman, CEO of OpenAI. Worldcoin aims to distribute World ID, a service designed to verify digital identities online. This initiative is seen as a critical component of Eightco's long-term strategy.

Analyst Perspective

• TipRanks' AI Analyst Spark rated ORBS stock as an Underperform with a $2 price target.
• Reasons include poor financial performance and weak technical indicators.
• Suggests a cautious approach to investing in Eightco at this time.