Short Interest in Argo Blockchain plc (NASDAQ:ARBK) Drops By 17.6%

Argo Blockchain plc (NASDAQ:ARBK) was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 621,500 shares, a decline of 17.6% from the June 30th total of 754,100 shares. Based on an average trading volume of 393,700 shares, the days-to-cover 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 research note on Friday, May 24th.

Hedge Funds Weigh In On Argo Blockchain

Hedge funds and other institutional investors have recently bought and sold shares of the business. Catalina Capital Group LLC purchased a new stake in Argo Blockchain in the 1st quarter worth approximately $28,000. Chesapeake Capital Corp IL purchased a new stake in Argo Blockchain in the 4th quarter worth approximately $132,000. Redwood Wealth Management Group LLC lifted its position in shares of Argo Blockchain by 33.6% during the 4th quarter. Redwood Wealth Management Group LLC now owns 76,755 shares of the company’s stock valued at $287,000 after buying an additional 19,300 shares in the last quarter. Finally, Vident Advisory LLC lifted its position in shares of 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 buying an additional 876,406 shares in the last quarter. Institutional investors and hedge funds own 2.42% of the company’s stock.

Argo Blockchain Stock Down 11.0 %

ARBK traded down $0.18 on Tuesday, hitting $1.46. The company had a trading volume of 545,309 shares, compared to its average volume of 642,841. The stock has a fifty day moving average price of $1.34 and a 200-day moving average price of $1.66. Argo Blockchain has a 12-month low of $0.94 and a 12-month high of $4.45. The company has a debt-to-equity ratio of 5.06, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market capitalization of $84.33 million, a price-to-earnings ratio of -3.13 and a beta of 1.90.

Argo Blockchain (NASDAQ:ARBK) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.02) earnings per share for the quarter. Argo Blockchain had a negative return on equity of 4,172.69% and a negative net margin of 54.06%. The business had revenue of $16.16 million for the quarter. Analysts predict that Argo Blockchain will post -0.46 EPS for the current fiscal year.

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.