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

Argo Blockchain plc (NASDAQ:ARBK) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 2,280,000 shares, an increase of 47.1% from the January 15th total of 1,550,000 shares. Based on an average daily trading volume, of 1,200,000 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

ARBK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods began coverage on shares of Argo Blockchain in a research report on Wednesday, January 8th. They set an “underperform” rating for the company. HC Wainwright reissued a “neutral” rating on shares of Argo Blockchain in a research note on Thursday, November 21st.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd boosted its stake in Argo Blockchain by 144.5% during the third quarter. XTX Topco Ltd now owns 59,426 shares of the company’s stock worth $72,000 after acquiring an additional 35,118 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Argo Blockchain by 488.7% in 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 in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Argo Blockchain in the second quarter valued at $49,000. Virtu Financial LLC bought a new position in shares of Argo Blockchain in the third quarter valued at $28,000. Finally, Bank of Montreal Can bought a new position in shares of Argo Blockchain in the fourth quarter valued at $37,000. 2.42% of the stock is owned by institutional investors.

Argo Blockchain Stock Up 5.3 %

Shares of NASDAQ ARBK opened at $0.54 on Friday. The firm has a market cap of $38.44 million, a PE ratio of -0.74 and a beta of 1.95. Argo Blockchain has a 12-month low of $0.43 and a 12-month high of $2.90. The company’s fifty day simple moving average is $0.59 and its 200 day simple moving average is $0.97.

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.