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

Argo Blockchain plc (NASDAQ:ARBK) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 787,000 shares, an increase of 7.9% from the August 15th total of 729,300 shares. Based on an average daily trading volume, of 480,900 shares, the short-interest ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “neutral” rating on shares of Argo Blockchain in a report on Thursday, August 29th.

Argo Blockchain Stock Up 2.6 %

Shares of NASDAQ:ARBK opened at $1.18 on Thursday. Argo Blockchain has a 1 year low of $0.94 and a 1 year high of $4.45. The company has a market cap of $68.16 million, a PE ratio of -2.51 and a beta of 1.88. The company has a debt-to-equity ratio of 5.06, a current ratio of 0.43 and a quick ratio of 0.65. The stock’s 50-day moving average is $1.30 and its 200 day moving average is $1.41.

Argo Blockchain (NASDAQ:ARBK) last announced its quarterly earnings results on Wednesday, August 28th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.12). Argo Blockchain had a negative net margin of 93.70% and a negative return on equity of 4,172.69%. The business had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $13.40 million. Sell-side analysts anticipate that Argo Blockchain will post -0.46 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ARBK. Vident Advisory LLC increased its holdings 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 during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Argo Blockchain during the 2nd quarter worth approximately $49,000. Chesapeake Capital Corp IL purchased a new position in shares of Argo Blockchain during the 4th quarter worth approximately $132,000. XTX Topco Ltd purchased a new position in shares of Argo Blockchain during the 2nd quarter worth approximately $28,000. Finally, Catalina Capital Group LLC purchased a new position in shares of Argo Blockchain during the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 2.42% of the company’s stock.

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.