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

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) was the recipient of a significant decline in short interest during the month of December. As of December 31st, there was short interest totaling 60,923 shares, a decline of 87.5% from the December 15th total of 488,827 shares. Approximately 18.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 312,500 shares, the days-to-cover ratio is currently 0.2 days. Based on an average daily trading volume, of 312,500 shares, the days-to-cover ratio is currently 0.2 days. Approximately 18.2% of the shares of the stock are sold short.

Institutional Trading of Argo Blockchain

A hedge fund recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC acquired a new stake in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned approximately 6.17% of Argo Blockchain at the end of the most recent quarter. 2.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ARBK shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Argo Blockchain in a report on Wednesday, October 8th. Wall Street Zen raised Argo Blockchain to a “hold” rating in a research note on Saturday, December 13th. Finally, HC Wainwright restated a “neutral” rating on shares of Argo Blockchain in a report on Friday, October 3rd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Argo Blockchain Stock Performance

NASDAQ:ARBK traded up $0.92 on Monday, reaching $5.26. 164,446 shares of the stock traded hands, compared to its average volume of 229,230. Argo Blockchain has a 1-year low of $3.25 and a 1-year high of $205.20. The company’s 50 day moving average is $31.43 and its 200-day moving average is $59.96.

Argo Blockchain (NASDAQ:ARBK) last issued its quarterly earnings results on Tuesday, September 30th. The company reported ($10.80) earnings per share (EPS) for the quarter. The firm had revenue of $3.14 million for the quarter. Research analysts anticipate that Argo Blockchain will post -0.78 earnings per share for the current year.

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.