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 significant drop in short interest in July. As of July 31st, there was short interest totaling 1,920,000 shares, adropof33.6% from the July 15th total of 2,890,000 shares. Approximately2.7% of the company’s shares are short sold. Based on an average trading volume of 11,090,000 shares, the short-interest ratio is presently 0.2 days. Based on an average trading volume of 11,090,000 shares, the short-interest ratio is presently 0.2 days. Approximately2.7% of the company’s shares are short sold.

Argo Blockchain Stock Performance

ARBK stock opened at $0.2811 on Thursday. The stock has a market cap of $20.23 million, a P/E ratio of -0.29 and a beta of 1.78. The firm has a 50 day simple moving average of $0.33 and a 200 day simple moving average of $0.38. Argo Blockchain has a 52 week low of $0.15 and a 52 week high of $1.5450.

Argo Blockchain (NASDAQ:ARBK) last posted its quarterly earnings results on Thursday, May 22nd. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Sell-side analysts predict that Argo Blockchain will post -0.78 EPS for the current year.

Institutional Trading of Argo Blockchain

Institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can acquired a new stake in Argo Blockchain in the fourth quarter valued at approximately $37,000. PEAK6 LLC acquired a new stake in Argo Blockchain in the fourth quarter valued at approximately $129,000. Finally, Armistice Capital LLC acquired a new stake in Argo Blockchain in the second quarter valued at approximately $830,000. 2.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Argo Blockchain to a “hold” rating in a research report on Friday, July 18th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

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.