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

Argo Blockchain plc (NASDAQ:ARBK) was the recipient of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 747,700 shares, a decrease 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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ARBK. HC Wainwright reiterated a “neutral” rating on shares of Argo Blockchain in a research report on Friday, May 24th. Canaccord Genuity Group restated a “hold” rating and issued a $1.45 price objective on shares of Argo Blockchain in a report on Thursday, March 28th.

Argo Blockchain Trading Down 0.8 %

Shares of Argo Blockchain stock traded down $0.01 during trading hours on Tuesday, reaching $1.21. The stock had a trading volume of 176,491 shares, compared to its average volume of 620,329. The firm 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 capitalization of $69.89 million, a price-to-earnings ratio of -2.57 and a beta of 1.90. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 5.06. Argo Blockchain has a 1 year low of $0.94 and a 1 year high of $4.45.

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

Institutional Investors Weigh In On Argo Blockchain

Hedge funds have recently modified their holdings of the stock. Redwood Wealth Management Group LLC raised its holdings in shares of Argo Blockchain by 33.6% during the 4th quarter. Redwood Wealth Management Group LLC now owns 76,755 shares of the company’s stock valued at $287,000 after buying an additional 19,300 shares during the period. Chesapeake Capital Corp IL acquired a new stake in Argo Blockchain during the 4th quarter valued at approximately $132,000. Vident Advisory LLC grew its stake in Argo Blockchain by 108.5% during the 1st quarter. Vident Advisory LLC now owns 1,684,232 shares of the company’s stock valued at $3,655,000 after purchasing an additional 876,406 shares in the last quarter. Finally, Catalina Capital Group LLC acquired a new stake in Argo Blockchain during the 1st quarter valued at approximately $28,000. 2.42% of the stock is currently owned by hedge funds and other institutional investors.

Argo Blockchain Company Profile

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.