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

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) was the target of a large decline in short interest in December. As of December 31st, there was short interest totaling 60,923 shares, a decline of 87.5% from the December 15th total of 488,827 shares. Approximately 18.2% of the shares of the stock are short sold. Based on an average trading volume of 312,500 shares, the days-to-cover ratio is presently 0.2 days. Based on an average trading volume of 312,500 shares, the days-to-cover ratio is presently 0.2 days. Approximately 18.2% of the shares of the stock are short sold.

Argo Blockchain Stock Performance

NASDAQ ARBK opened at $4.80 on Wednesday. The stock has a market capitalization of $1.58 million, a P/E ratio of -0.02 and a beta of 1.92. Argo Blockchain has a 52 week low of $3.25 and a 52 week high of $205.20. The stock has a fifty day moving average of $30.13 and a 200-day moving average of $59.44.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ARBK shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Argo Blockchain in a research report on Wednesday, October 8th. HC Wainwright reaffirmed a “neutral” rating on shares of Argo Blockchain in a report on Friday, October 3rd. Finally, Wall Street Zen upgraded shares of Argo Blockchain to a “hold” rating in a research report on Saturday, December 13th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Hedge Funds Weigh In On Argo Blockchain

An institutional investor recently bought a new position in Argo Blockchain stock. Armistice Capital LLC bought a new position in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 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 filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 2.42% of the company’s stock.

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.