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

Argo Blockchain plc (NASDAQ:ARBK) was the target of a significant decrease in short interest in 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 volume of 351,000 shares, the days-to-cover ratio is presently 2.1 days.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ARBK shares. HC Wainwright reiterated a “neutral” rating on shares of Argo Blockchain in a research note on Friday, May 24th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $1.45 price target on shares of Argo Blockchain in a research note on Thursday, March 28th.

Argo Blockchain Stock Performance

Shares of NASDAQ ARBK opened at $1.21 on Thursday. The business has a 50 day simple moving average of $1.35 and a 200 day simple moving average of $1.89. Argo Blockchain has a 52 week low of $0.94 and a 52 week high of $4.45. The stock 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 quick ratio of 0.65 and a current ratio of 0.65.

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

Hedge Funds Weigh In On Argo Blockchain

Hedge funds have recently bought and sold shares of the business. Vident Advisory LLC lifted its position in shares of Argo Blockchain by 108.5% in 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. Chesapeake Capital Corp IL bought a new position in shares of Argo Blockchain in the 4th quarter valued at approximately $132,000. Redwood Wealth Management Group LLC lifted its holdings in Argo Blockchain by 33.6% in the 4th quarter. Redwood Wealth Management Group LLC now owns 76,755 shares of the company’s stock worth $287,000 after purchasing an additional 19,300 shares during the last quarter. Finally, Catalina Capital Group LLC bought a new stake in Argo Blockchain during the first quarter worth approximately $28,000. 2.42% of the stock is owned by institutional investors and hedge funds.

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.