Shares of Eightco Holdings Inc. (OCTO) skyrocketed +71.57% today, reaching $4.2750 as of the latest trading session. The stock saw significant trading volume of 58.914M, far exceeding its average of 123,479, driving investor optimism.
The sharp rise comes after Eightco Holdings announced it has made substantial progress in 2024, particularly with enhancements to its balance sheet. The company eliminated $5.4 million in convertible notes and increased shareholder equity by $23 million. These financial improvements have boosted investor confidence in the company’s future performance.
With a market cap of $7.508M and a P/E ratio of 0.10, the stock is reflecting the company’s better financial health, despite a 52-week change of -14.14%. This rebound suggests that investors are increasingly bullish on the stock, which continues to make positive strides toward long-term sustainability.
This surge highlights the market’s response to Eightco Holdings’ financial restructuring efforts and its impact on future growth prospects.