Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) Short Interest Down 37.6% in May

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 31,735 shares, a drop of 37.6% from the May 14th total of 50,843 shares. Based on an average daily trading volume, of 18,288 shares, the short-interest ratio is presently 1.7 days. Currently, 0.2% of the company’s stock are short sold.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC bought a new position in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned 6.17% of Argo Blockchain at the end of the most recent reporting period. Institutional investors and hedge funds own 2.42% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Argo Blockchain from a “sell (e+)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce”.

Argo Blockchain Price Performance

NASDAQ ARBK opened at $3.95 on Tuesday. Argo Blockchain has a fifty-two week low of $2.63 and a fifty-two week high of $205.20. The stock’s 50-day moving average is $3.50 and its two-hundred day moving average is $6.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market cap of $52.77 million, a P/E ratio of -0.03 and a beta of 1.89.

About Argo Blockchain

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.