There was a discernible increase in the number of short positions in Argo Blockchain plc (NASDAQ: ARBK) during December. As of the previous day, a total of 696,800 shares were available for a short sale; however, as of December 30th, there were 1,460,000 shares available for a short sale, representing an increase of 109.5% from the previous day’s numbers. The current days-to-cover ratio is 2.5 days, calculated based on an average daily volume of 580,400 shares. This number was arrived at after taking into account historical data.
Recent months have seen several institutional investors adjust the percentage of ARBK holdings held within each of their individual investment portfolios. During the third quarter, Van ECK Associates Corporation achieved a 32.1% increase in its ownership stake in Argo Blockchain. After purchasing 126,130 additional shares during the most recent quarter, Van ECK Associates Corp. now directly owns a total of 518,774 shares of the company’s stock, with a combined market value of $2,007,000. A 632.0 percent increase in the company’s stake in the Argo Blockchain was achieved by Renaissance Technologies LLC during the first three months of 2018. Renaissance Technologies LLC now has 89,300 shares after purchasing an additional 77,100 in the most recent quarter. The value of Renaissance Technologies LLC’s holdings in the company at the moment is $880,000. During the first three months of 2018, Vident Investment Advisory LLC made a new investment of $657,000. This investment was made in Argo Blockchain. State Street Corporation made a fresh investment of $139,000 in Argo Blockchain during the second quarter of 2018. During the second quarter, Hennion & Walsh Asset Management Inc. acquired a new position in Argo Blockchain by investing approximately 118 thousand dollars. Currently, 1.81% of the company’s stock is owned by institutions.
In recent times, the company has received feedback from a variety of research analysts. This information has been received. Barclays lowered their recommendation for Argo Blockchain, moving it from “overweight” to “equal weight” in a research note published on October 10th by the financial services company. In addition, they decided to cut the target price they had set for the company from $7.00 to $3.00, which was a significant decrease. Jefferies Financial Group recommended that investors “hold” rather than “buy” Argo Blockchain in a research report published on November 1st. The report was about cryptocurrency. Their previous ” buy ” recommendation has been changed to reflect this downgrade. Canaccord Genuity Group confirmed that they would continue advising clients to “hold” Argo Blockchain shares in a research note published on November 1st. In a research note published on November 1st, Stifel Nicolaus recommended “sell” rather than “hold” for Argo Blockchain. This represented a change from the firm’s previous recommendation. Canaccord Genuity Group published a research note on November 1st, in which they changed their recommendation for Argo Blockchain from “buy” to “hold.” This was the last, but not the least, piece of news. The company’s stock has been given seven hold ratings, eight buy ratings, and one sell recommendation by analysts researching stocks. The stock has been given an average recommendation of “Hold” by Bloomberg, and the price target agreed upon by market participants is currently set at $9.00.
When trading started on Wednesday, the price of a share of Argo Blockchain was $1.82 per share. Over the past 50 days, the moving averages for the company are $0.85, and over the last 200 days, they are $2.83. The price of Argo Blockchain fluctuated widely during the previous year, moving from $0.36 to $11.65, with an average price of $11.65.
The mining of bitcoin and other cryptocurrencies is the primary focus of Argo Blockchain plc and its affiliated companies, which run mining operations worldwide. Use of specialized computer hardware and software is required to mine cryptographic algorithms. In December 2017, the company formerly went by the name GoSun Blockchain Limited; however, it has since transitioned to operating under Argo Blockchain Plc.