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

Argo Blockchain plc (NASDAQ:ARBK) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 65,000 shares, a decline of 38.1% from the August 15th total of 105,000 shares. Based on an average daily trading volume, of 450,200 shares, the short-interest ratio is presently 0.1 days.

Argo Blockchain Stock Performance

Shares of NASDAQ:ARBK traded down $0.04 on Friday, hitting $1.08. 40,404 shares of the company were exchanged, compared to its average volume of 355,404. The company has a current ratio of 0.49, a quick ratio of 0.99 and a debt-to-equity ratio of 11.53. Argo Blockchain has a 1-year low of $0.36 and a 1-year high of $4.80. The stock’s 50 day moving average price is $1.37 and its 200 day moving average price is $1.41.

Argo Blockchain (NASDAQ:ARBK) last posted its quarterly earnings results on Tuesday, August 29th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. The business had revenue of $12.56 million for the quarter, compared to analysts’ expectations of $12.51 million. Equities analysts expect that Argo Blockchain will post -0.63 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Argo Blockchain in a research note on Wednesday, August 30th. Compass Point cut their price objective on shares of Argo Blockchain from $3.75 to $2.75 and set a “buy” rating on the stock in a research report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC purchased a new position in shares of Argo Blockchain in the third quarter valued at approximately $72,000. Virtu Financial LLC purchased a new stake in shares of Argo Blockchain during the second quarter worth $34,000. XTX Topco Ltd purchased a new stake in shares of Argo Blockchain during the first quarter worth $51,000. State Street Corp purchased a new stake in shares of Argo Blockchain during the second quarter worth $139,000. Finally, Harvest Portfolios Group Inc. grew its holdings in shares of Argo Blockchain by 49.5% during the first quarter. Harvest Portfolios Group Inc. now owns 40,649 shares of the company’s stock worth $68,000 after buying an additional 13,467 shares in the last quarter. Hedge funds and other institutional investors own 1.13% of the company’s stock.

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.