Argo Blockchain plc (NASDAQ:ARBK) Sees Significant Growth in Short Interest

Argo Blockchain plc (NASDAQ:ARBK – Get Rating) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 243,600 shares, a growth of 6.7% from the July 31st total of 228,300 shares. Based on an average trading volume of 106,500 shares, the short-interest ratio is presently 2.3 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARBK. Private Advisor Group LLC bought a new position in Argo Blockchain during the 2nd quarter valued at approximately $52,000. Scotia Capital Inc. bought a new position in Argo Blockchain during the 1st quarter valued at approximately $107,000. Hennion & Walsh Asset Management Inc. bought a new position in Argo Blockchain during the 2nd quarter valued at approximately $118,000. State Street Corp bought a new stake in shares of Argo Blockchain in the 2nd quarter worth $139,000. Finally, First Trust Advisors LP bought a new stake in shares of Argo Blockchain in the 4th quarter worth $469,000. Institutional investors own 1.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ARBK. Barclays lowered their price target on Argo Blockchain from $15.00 to $7.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Canaccord Genuity Group reduced their price objective on Argo Blockchain from $13.00 to $10.00 in a research report on Monday. Canaccord Genuity Group reduced their price objective on Argo Blockchain from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Compass Point reduced their price objective on Argo Blockchain from $25.00 to $12.00 in a research report on Tuesday, June 28th. Finally, HC Wainwright reduced their price objective on Argo Blockchain from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.44.

Argo Blockchain Stock Up 0.7 %

ARBK stock traded up $0.03 on Tuesday, reaching $4.64. 300 shares of the company traded hands, compared to its average volume of 98,216. Argo Blockchain has a one year low of $3.71 and a one year high of $21.00. The company has a quick ratio of 2.39, a current ratio of 2.11 and a debt-to-equity ratio of 0.44. The firm has a fifty day simple moving average of $4.80 and a 200-day simple moving average of $6.73.

Argo Blockchain Company Profile

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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 cryptographic algorithms. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.

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