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

Argo Blockchain plc (NASDAQ:ARBK) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 2,980,000 shares, an increase of 78.4% from the February 28th total of 1,670,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is currently 1.8 days. Approximately 4.2% of the company’s stock are sold short.

Argo Blockchain Price Performance

Shares of NASDAQ ARBK opened at $0.37 on Monday. The company has a market cap of $26.47 million, a price-to-earnings ratio of -0.51 and a beta of 1.98. The stock’s 50-day moving average is $0.45 and its two-hundred day moving average is $0.79. Argo Blockchain has a 1-year low of $0.30 and a 1-year high of $2.06.

Institutional Trading of Argo Blockchain

A number of large investors have recently made changes to their positions in ARBK. XTX Topco Ltd raised its position in shares of Argo Blockchain by 144.5% during the 3rd quarter. XTX Topco Ltd now owns 59,426 shares of the company’s stock worth $72,000 after acquiring an additional 35,118 shares in the last quarter. Jane Street Group LLC increased its stake in Argo Blockchain by 488.7% in the third quarter. Jane Street Group LLC now owns 976,414 shares of the company’s stock valued at $1,181,000 after purchasing an additional 810,559 shares during the last quarter. Virtu Financial LLC acquired a new stake in Argo Blockchain during the third quarter worth approximately $28,000. Bank of Montreal Can purchased a new stake in shares of Argo Blockchain during the 4th quarter worth approximately $37,000. Finally, PEAK6 LLC acquired a new position in shares of Argo Blockchain in the 4th quarter valued at $129,000. 2.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods began coverage on shares of Argo Blockchain in a research report on Wednesday, January 8th. They issued an “underperform” rating for the company.

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.