Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) Sees Large Drop in Short Interest

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) saw a significant decline in short interest in the month of December. As of December 15th, there was short interest totaling 488,827 shares, a decline of 60.7% from the November 30th total of 1,244,928 shares. Based on an average daily trading volume, of 247,728 shares, the days-to-cover ratio is currently 2.0 days. Currently, 146.4% of the company’s shares are short sold. Currently, 146.4% of the company’s shares are short sold. Based on an average daily trading volume, of 247,728 shares, the days-to-cover ratio is currently 2.0 days.

Analyst Ratings Changes

Several analysts have weighed in on ARBK shares. Wall Street Zen raised Argo Blockchain to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Argo Blockchain in a research report on Wednesday, October 8th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Argo Blockchain in a report on Friday, October 3rd. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Argo Blockchain has an average rating of “Sell”.

Hedge Funds Weigh In On Argo Blockchain

An institutional investor recently bought a new position in Argo Blockchain stock. Armistice Capital LLC purchased a new position in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned 6.17% of Argo Blockchain as of its most recent SEC filing. Institutional investors own 2.42% of the company’s stock.

Argo Blockchain Stock Performance

Shares of NASDAQ ARBK opened at $3.68 on Friday. The firm’s 50 day moving average price is $53.41 and its 200-day moving average price is $66.75. Argo Blockchain has a 52-week low of $3.57 and a 52-week high of $205.20. The company has a market cap of $1.21 million, a PE ratio of -0.02 and a beta of 1.83.

Argo Blockchain (NASDAQ:ARBK) last announced its quarterly earnings data on Tuesday, September 30th. The company reported ($10.80) earnings per share for the quarter. The company had revenue of $3.14 million for the quarter. On average, analysts forecast that Argo Blockchain will post -0.78 earnings per share for the current fiscal year.

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.