Eightco's Bold Move: Share Buyback and Crypto Ambitions

Eightco, a company known for its inventory management roots but now diving deep into the crypto world, made waves on Monday. The company's board gave the green light to a share buyback plan, worth up to $125 million. This move is seen as a strong vote of confidence in Eightco's future, especially with its focus on Worldcoin, a crypto and AI platform aimed at digital identity verification. Dan Ives, the company's chairman, highlighted that the current valuation and upcoming partnerships make Eightco's stock an attractive investment. The buyback program is expected to create significant value for shareholders as the company works on its vision.Eightco's stock saw a substantial rise, jumping by 30. 93% on Monday. This increase extended the company's year-to-date rally to 9. 59%. However, despite this positive trend, the stock is still down 35. 47% over the past year. The trading volume was notably high, with 4. 36 million shares changing hands, well above the three-month daily average of 2. 83 million. The company's major focus is on Worldcoin, a project co-founded by Sam Altman, the CEO of OpenAI. Worldcoin aims to spread World ID, a service to confirm digital identities online. This project is seen as a key part of Eightco's strategy moving forward. Analyst coverage of Eightco is limited, but TipRanks' AI analyst Spark has rated ORBS stock as an Underperform with a $2 price target. The reasons cited include poor financial performance and weak technical indicators. This rating suggests a cautious approach to investing in Eightco at this time.