Short Interest in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) Drops By 35.7%

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) was the recipient of a large decrease in short interest during the month of April. As of April 30th, there was short interest totaling 26,815 shares, a decrease of 35.7% from the April 15th total of 41,714 shares. Based on an average daily volume of 40,516 shares, the short-interest ratio is currently 0.7 days. Approximately 8.0% of the shares of the company are short sold.

Hedge Funds Weigh In On Argo Blockchain

A hedge fund recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC bought a new stake in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 reporting period. 2.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Argo Blockchain in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce”.

Argo Blockchain Trading Down 7.2%

Shares of Argo Blockchain stock opened at $3.89 on Tuesday. Argo Blockchain has a 1 year low of $2.63 and a 1 year high of $205.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market capitalization of $1.30 million, a price-to-earnings ratio of -0.03 and a beta of 1.81. The business has a fifty day simple moving average of $3.19 and a two-hundred day simple moving average of $15.38.

Argo Blockchain Company Profile

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.