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

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 43,688 shares, a decline of 43.7% from the February 26th total of 77,609 shares. Approximately 13.1% of the company’s shares are short sold. Based on an average daily trading volume, of 16,990 shares, the short-interest ratio is currently 2.6 days.

Analyst Upgrades and Downgrades

Several analysts have commented on ARBK shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Argo Blockchain in a research note on Wednesday, January 21st. Wall Street Zen raised Argo Blockchain to a “hold” rating in a research note on Saturday, December 13th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce”.

Hedge Funds Weigh In On Argo Blockchain

An institutional investor recently bought a new position in Argo Blockchain stock. Armistice Capital LLC purchased a new stake in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned about 6.17% of Argo Blockchain as of its most recent SEC filing. 2.42% of the stock is owned by institutional investors.

Argo Blockchain Trading Down 2.7%

Shares of NASDAQ ARBK traded down $0.08 on Friday, reaching $2.92. 3,065 shares of the company traded hands, compared to its average volume of 40,723. The stock has a market capitalization of $963,600.00, a PE ratio of -0.01 and a beta of 1.97. Argo Blockchain has a fifty-two week low of $2.63 and a fifty-two week high of $205.20. The company has a 50 day moving average of $3.30 and a 200 day moving average of $37.02.

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.