Argo Blockchain plc (NASDAQ:ARBK) Sees Significant Decrease in Short Interest

Argo Blockchain plc (NASDAQ:ARBK) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 747,700 shares, a drop of 5.8% from the May 31st total of 793,600 shares. Based on an average daily trading volume, of 351,000 shares, the days-to-cover ratio is presently 2.1 days.

Analysts Set New Price Targets

Several brokerages recently commented on ARBK. Canaccord Genuity Group reaffirmed a “hold” rating and set a $1.45 price objective on shares of Argo Blockchain in a research note on Thursday, March 28th. HC Wainwright reissued a “neutral” rating on shares of Argo Blockchain in a research note on Friday, May 24th.

Hedge Funds Weigh In On Argo Blockchain

A number of institutional investors have recently bought and sold shares of the business. Vident Advisory LLC increased its position in Argo Blockchain by 108.5% during the first quarter. Vident Advisory LLC now owns 1,684,232 shares of the company’s stock worth $3,655,000 after buying an additional 876,406 shares during the last quarter. Redwood Wealth Management Group LLC boosted its holdings in shares of Argo Blockchain by 33.6% during the fourth quarter. Redwood Wealth Management Group LLC now owns 76,755 shares of the company’s stock worth $287,000 after acquiring an additional 19,300 shares during the period. Chesapeake Capital Corp IL bought a new stake in shares of Argo Blockchain during the fourth quarter worth approximately $132,000. Finally, Catalina Capital Group LLC bought a new stake in shares of Argo Blockchain during the first quarter worth approximately $28,000. Institutional investors and hedge funds own 2.42% of the company’s stock.

Argo Blockchain Stock Down 0.8 %

Shares of ARBK traded down $0.01 during midday trading on Tuesday, hitting $1.21. The stock had a trading volume of 176,491 shares, compared to its average volume of 620,329. The company has a 50 day simple moving average of $1.35 and a two-hundred day simple moving average of $1.89. The firm has a market cap of $69.89 million, a price-to-earnings ratio of -2.57 and a beta of 1.90. The company has a debt-to-equity ratio of 5.06, a current ratio of 0.65 and a quick ratio of 0.65. Argo Blockchain has a twelve month low of $0.94 and a twelve month high of $4.45.

Argo Blockchain (NASDAQ:ARBK) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $16.16 million for the quarter. Argo Blockchain had a negative return on equity of 4,172.69% and a negative net margin of 54.06%. On average, analysts anticipate that Argo Blockchain will post -0.46 EPS for the current year.

About Argo Blockchain

Argo Blockchain plc, together with its subsidiaries, engages in the bitcoin and other cryptocurrencies mining business worldwide. It engages in mining purpose-built computers for complex cryptographic algorithms. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.