Eightco Holdings (NASDAQ:OCTO) stock is getting a boost on Wednesday after the company increased its guidance for the full year of 2023.
Specifically, the company raised its revenue guidance for the year to $73 million. That represents a 20% increase compared to its prior 2023 revenue guidance of $60 million.
The company says this update is due to successful strategic alternatives earlier this year. Among these alternatives is Mobi-hub Funding, which is a joint venture between the company’s Forever 8 subsidiary and Mobi-hub.
Brett Vroman, Chief Financial Officer of Eightco, said the following about the revenue outlook update:
“We are thrilled to announce the upward revision in our revenue guidance, reflecting the strong momentum we have experienced so far this year […] Our team’s dedication and hard work, combined with our strategic focus on delivering value to our customers, have enabled us to outperform in a challenging market environment and outpace previous expectations.”
What This Means for OCTO Stock
Investors in OCTO are celebrating the outlook news from the company. It’s a sign that the company is performing well this year, which is increasing investor confidence.
As a result of that, shares of OCTO stock are seeing heavy trading volume as investors buy shares. This has some 3.8 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is around 1.6 million shares.
OCTO stock is up slightly as of Wednesday morning. However, shares are down almost 82% year-to-date (YTD).
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
