Argo Blockchain plc (NASDAQ:ARBK – Get Rating) saw a significant drop in short selling rates in January. As of Jan. 15, there were 1.04 million shares short-sold, down 28.8% from the Dec. 31 total of 1.46 million shares. Based on an average trading volume of 623,500 shares, the current short-term interest rate is 1.7 days.
Analyst upgrades and downgrades
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ARBK has been the topic of many analyst reports. Canaccord Genuity Group downgraded Argo Blockchain from a “Buy” rating to a “Pending” rating in a research report on Tuesday, November 1st. HC Wainwright downgraded Argo Blockchain from “buy” to “neutral” in a research note on Wednesday, December 14th. Roth Capital raised its rating on Argo Blockchain from “sold” to “neutral” in a research note on Wednesday, January 4th. Compass Point downgraded Argo Blockchain from “Buy” to “Neutral” in its research notes on Tuesday, October 25th. Finally, Stifel Nicolaus downgraded Argo Blockchain from ‘pending’ to ‘selling’ in his research notes on Tuesday, November 1st. One Equity Research analyst gave this stock a sell rating and seven issued a hold rating to the company. Based on MarketBeat data, the company’s current consensus rating is “hold” with an average price target of $9.00.
Argo Blockchain Shares Up 3.6%
ARBK shares opened at $2.03 on Friday. Argo Blockchain has a 12-month low of $0.36 and a 12-month high of $11.40. The stock has a 50-day simple moving average of $1.00 and a 200-day simple moving average of $2.73.
Hedge Funds Join Argo Blockchain
Several large investors have recently changed their positions in ARBK. Virtu Financial LLC acquired a new position worth $50,000 in Argo Blockchain shares in the third quarter. Private Advisor Group LLC acquired a new position in Argo Blockchain shares in the second quarter for $52,000. Jane Street Group LLC acquired a new position worth $72,000 in Argo Blockchain shares in the third quarter. Hennion & Walsh Asset Management Inc. won a new position worth approximately $118,000 on Argo Blockchain in the second quarter. Finally, State Street Corp won a new position worth approximately $139,000 on Argo Blockchain in the second quarter. Institutional investors and hedge funds own his 1.81% stake in the company.
About Algo Blockchain
Argo Blockchain plc, together with its subsidiaries, conducts bitcoin and other cryptocurrency mining operations worldwide. We are working on mining dedicated computers for cryptographic algorithms. The company was formerly known as his GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.
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