Argo Blockchain plc (NASDAQ:ARBK) Short Interest Update

Argo Blockchain plc (NASDAQ:ARBK) saw 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 volume of 450,200 shares, the short-interest ratio is presently 0.1 days.

Argo Blockchain Stock Down 3.6 %

Shares of ARBK opened at $1.08 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.49 and a debt-to-equity ratio of 11.53. Argo Blockchain has a fifty-two week low of $0.36 and a fifty-two week high of $4.80. The firm’s 50 day moving average price is $1.36 and its 200 day moving average price is $1.41.

Argo Blockchain (NASDAQ:ARBK) last issued its earnings results on Tuesday, August 29th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.04. The company had revenue of $12.56 million during the quarter, compared to analyst estimates of $12.51 million. As a group, analysts predict that Argo Blockchain will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ARBK. First Trust Advisors LP boosted its stake in Argo Blockchain by 47.1% during the 1st quarter. First Trust Advisors LP now owns 56,724 shares of the company’s stock worth $559,000 after purchasing an additional 18,175 shares during the period. Renaissance Technologies LLC raised its position in Argo Blockchain by 632.0% during the 1st quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s stock worth $880,000 after buying an additional 77,100 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in Argo Blockchain during the 1st quarter worth $657,000. State Street Corp purchased a new position in shares of Argo Blockchain in the 2nd quarter valued at about $139,000. Finally, Jane Street Group LLC purchased a new position in shares of Argo Blockchain in the 3rd quarter valued at about $72,000. Institutional investors and hedge funds own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

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

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.