Short Interest in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) Drops By 43.7%

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) was the recipient of a significant drop in short interest in March. As of March 13th, there was short interest totaling 43,688 shares, a drop of 43.7% from the February 26th total of 77,609 shares. Based on an average daily trading volume, of 16,990 shares, the days-to-cover ratio is presently 2.6 days. Approximately 13.1% of the company’s shares are short sold.

Analyst Ratings Changes

ARBK has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Argo Blockchain in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Argo Blockchain to a “hold” rating in a research report on Saturday, December 13th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Argo Blockchain presently has an average rating of “Reduce”.

Institutional Investors Weigh In On Argo Blockchain

A hedge fund recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC bought a new position in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned approximately 6.17% of Argo Blockchain at the end of the most recent quarter. 2.42% of the stock is owned by hedge funds and other institutional investors.

Argo Blockchain Price Performance

Shares of NASDAQ ARBK opened at $3.00 on Friday. The company has a market capitalization of $990,000.00, a P/E ratio of -0.01 and a beta of 1.97. The company has a 50 day simple moving average of $3.27 and a 200-day simple moving average of $36.58. Argo Blockchain has a 1 year low of $2.63 and a 1 year high of $205.20.

About Argo Blockchain

Argo Blockchain Plc is a publicly traded blockchain technology company focused on large-scale cryptocurrency mining. The company’s principal business activities involve the deployment and operation of high-performance data centers that house specialized hardware for mining Bitcoin and other digital assets. Through advanced infrastructure design and a commitment to operational efficiency, Argo seeks to optimize hash rates and energy consumption to maximize yields for its shareholders.

Founded in 2017 and headquartered in London, Argo Blockchain initially listed on the London AIM market before securing a secondary listing on the Nasdaq under the ticker ARBK.