Argo Blockchain plc (NASDAQ:ARBK – Get Rating) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 206,200 shares, a drop of 15.4% from the August 15th total of 243,600 shares. Based on an average trading volume of 104,200 shares, the days-to-cover ratio is currently 2.0 days.
Argo Blockchain Stock Up 5.3 %
NASDAQ ARBK opened at $4.73 on Friday. 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 business has a 50 day moving average price of $4.87 and a 200 day moving average price of $6.28. Argo Blockchain has a 1-year low of $3.71 and a 1-year high of $21.00.
Hedge Funds Weigh In On Argo Blockchain
Several hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp increased its position in Argo Blockchain by 7.5% during the second quarter. Van ECK Associates Corp now owns 392,644 shares of the company’s stock worth $1,476,000 after buying an additional 27,320 shares in the last quarter. Renaissance Technologies LLC increased its position in Argo Blockchain by 632.0% during the first quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s stock worth $880,000 after buying an additional 77,100 shares in the last quarter. Gillson Capital LP increased its position in Argo Blockchain by 32.6% during the first quarter. Gillson Capital LP now owns 86,966 shares of the company’s stock worth $857,000 after buying an additional 21,368 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in Argo Blockchain during the first quarter worth $657,000. Finally, First Trust Advisors LP increased its position in Argo Blockchain by 47.1% during the first quarter. First Trust Advisors LP now owns 56,724 shares of the company’s stock worth $559,000 after buying an additional 18,175 shares in the last quarter. Hedge funds and other institutional investors own 1.85% of the company’s stock.
Analysts Set New Price Targets
ARBK has been the subject of a number of analyst reports. Canaccord Genuity Group cut their target price on Argo Blockchain from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, August 29th. Canaccord Genuity Group cut their target price on Argo Blockchain from $13.00 to $10.00 in a research note on Monday, August 29th. HC Wainwright cut their target price on Argo Blockchain from $14.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 26th. Barclays cut their target price on Argo Blockchain from $15.00 to $7.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Finally, Compass Point cut their target price on Argo Blockchain from $25.00 to $12.00 in a research note on Tuesday, June 28th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Argo Blockchain has an average rating of “Moderate Buy” and an average price target of $15.44.
Argo Blockchain Company Profile
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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