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

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) saw a significant decline in short interest in the month of August. As of August 14th, there was short interest totaling 4,802 shares, a decline of 48.1% from the July 30th total of 9,259 shares. Based on an average daily trading volume, of 13,912 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.0% of the company’s shares are sold short.

Hedge Funds Weigh In On Argo Blockchain

A hedge fund recently bought a new position in Argo Blockchain stock. Armistice Capital LLC bought a new stake in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned about 6.17% of Argo Blockchain at the end of the most recent quarter. 2.42% of the stock is currently owned by hedge funds and other institutional investors.

Argo Blockchain Stock Down 3.7%

Shares of Argo Blockchain stock traded down $0.11 during trading hours on Friday, hitting $2.87. 10,418 shares of the company’s stock traded hands, compared to its average volume of 15,702. Argo Blockchain has a twelve month low of $2.63 and a twelve month high of $205.20. The company has a market cap of $38.34 million, a PE ratio of -0.02 and a beta of 1.90. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $3.11 and a 200-day simple moving average of $3.22.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Argo Blockchain in a research note on Friday, August 21st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

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.