Argo Blockchain plc (NASDAQ:ARBK) Sees Large Increase in Short Interest

Argo Blockchain plc (NASDAQ:ARBK) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,980,000 shares, an increase of 78.4% from the February 28th total of 1,670,000 shares. Approximately 4.2% of the company’s shares are sold short. Based on an average trading volume of 1,680,000 shares, the days-to-cover ratio is presently 1.8 days.

Argo Blockchain Price Performance

Shares of ARBK opened at $0.37 on Friday. The firm has a market capitalization of $26.47 million, a price-to-earnings ratio of -0.51 and a beta of 1.98. Argo Blockchain has a 1-year low of $0.30 and a 1-year high of $2.06. The company has a 50-day moving average of $0.45 and a 200 day moving average of $0.80.

Institutional Trading of Argo Blockchain

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC bought a new position in Argo Blockchain in the third quarter worth approximately $28,000. XTX Topco Ltd lifted its holdings in shares of Argo Blockchain by 144.5% in the 3rd quarter. XTX Topco Ltd now owns 59,426 shares of the company’s stock worth $72,000 after buying an additional 35,118 shares during the period. Bank of Montreal Can bought a new position in shares of Argo Blockchain during the 4th quarter worth $37,000. PEAK6 LLC bought a new position in shares of Argo Blockchain during the 4th quarter worth $129,000. Finally, Jane Street Group LLC increased its stake in shares of Argo Blockchain by 488.7% during the third quarter. Jane Street Group LLC now owns 976,414 shares of the company’s stock valued at $1,181,000 after buying an additional 810,559 shares during the period. Institutional investors own 2.42% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods assumed coverage on Argo Blockchain in a research note on Wednesday, January 8th. They issued an “underperform” rating on the stock.

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.