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

Argo Blockchain plc (NASDAQ:ARBK) was the target 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 daily trading volume, of 393,700 shares, the days-to-cover ratio is currently 1.6 days.

Argo Blockchain Price Performance

ARBK stock traded up $0.01 during mid-day trading on Monday, hitting $1.64. 1,478,116 shares of the stock were exchanged, compared to its average volume of 643,549. The business 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 current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $94.73 million, a price-to-earnings ratio of -3.89 and a beta of 1.90.

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

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “neutral” rating on shares of Argo Blockchain in a research note on Friday, May 24th.

Institutional Trading of Argo Blockchain

Several hedge funds have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC increased its holdings in shares of Argo Blockchain by 33.6% in the fourth quarter. Redwood Wealth Management Group LLC now owns 76,755 shares of the company’s stock worth $287,000 after buying an additional 19,300 shares during the period. Chesapeake Capital Corp IL bought a new stake in Argo Blockchain in the fourth quarter valued at approximately $132,000. Catalina Capital Group LLC purchased a new stake in shares of Argo Blockchain during the first quarter valued at approximately $28,000. Finally, Vident Advisory LLC grew its holdings in shares of Argo Blockchain by 108.5% in the first quarter. Vident Advisory LLC now owns 1,684,232 shares of the company’s stock worth $3,655,000 after purchasing an additional 876,406 shares during the last quarter. 2.42% of the stock is owned by institutional investors.

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.