Short Interest in Argo Blockchain plc (NASDAQ:ARBK) Declines By 5.3%

Argo Blockchain plc (NASDAQ:ARBK) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 841,800 shares, a drop of 5.3% from the September 15th total of 888,600 shares. Based on an average daily volume of 471,000 shares, the days-to-cover ratio is presently 1.8 days.

Hedge Funds Weigh In On Argo Blockchain

Large investors have recently modified their holdings of the stock. Vident Advisory LLC raised its holdings in 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 buying an additional 876,406 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Argo Blockchain during the second quarter valued at approximately $49,000. XTX Topco Ltd bought a new stake in shares of Argo Blockchain during the second quarter valued at approximately $28,000. Finally, Catalina Capital Group LLC purchased a new position in Argo Blockchain in the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 2.42% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “neutral” rating on shares of Argo Blockchain in a research report on Thursday, August 29th.

Argo Blockchain Price Performance

Shares of NASDAQ ARBK opened at $1.22 on Friday. The company has a 50 day simple moving average of $1.20 and a two-hundred day simple moving average of $1.32. Argo Blockchain has a fifty-two week low of $0.94 and a fifty-two week high of $4.45. The company has a market capitalization of $70.18 million, a price-to-earnings ratio of -2.57 and a beta of 1.87. The company has a debt-to-equity ratio of 5.06, a quick ratio of 0.65 and a current ratio of 0.43.

Argo Blockchain (NASDAQ:ARBK) last posted its quarterly earnings data on Wednesday, August 28th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.12). Argo Blockchain had a negative net margin of 93.70% and a negative return on equity of 4,172.69%. The company had revenue of $12.42 million for the quarter, compared to the consensus estimate of $13.40 million. Analysts expect that Argo Blockchain will post -0.63 EPS for the current fiscal year.

About Argo Blockchain

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.