Argo Blockchain plc (NASDAQ:ARBK) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Argo Blockchain plc (NASDAQ:ARBK – Get Rating) have earned an average rating of “Buy” from the nine ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $20.29.

ARBK has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of Argo Blockchain from $22.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, March 14th. Zacks Investment Research upgraded shares of Argo Blockchain from a “sell” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, April 20th. Stifel Nicolaus initiated coverage on shares of Argo Blockchain in a research note on Friday, March 25th. They set a “hold” rating and a $11.00 price objective on the stock. Finally, Compass Point increased their price objective on shares of Argo Blockchain from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 8th.

Large investors have recently made changes to their positions in the stock. MMCAP International Inc. SPC acquired a new stake in Argo Blockchain during the 3rd quarter worth $5,200,000. Wellington Management Group LLP purchased a new position in Argo Blockchain during the 3rd quarter worth $511,000. Teacher Retirement System of Texas purchased a new position in Argo Blockchain during the 3rd quarter worth $3,200,000. Alliancebernstein L.P. purchased a new position in Argo Blockchain during the 3rd quarter worth $1,354,000. Finally, Third Point LLC purchased a new position in Argo Blockchain during the 3rd quarter worth $1,600,000. Hedge funds and other institutional investors own 4.34% of the company’s stock.

Argo Blockchain stock traded down $0.68 during midday trading on Monday, reaching $7.82. The stock had a trading volume of 2,296 shares, compared to its average volume of 195,636. Argo Blockchain has a 52-week low of $7.25 and a 52-week high of $21.00. The stock has a fifty day simple moving average of $8.99.

Argo Blockchain Company Profile (Get Rating)

Argo Blockchain plc, together with its subsidiaries, engages in the bitcoin and other cryptocurrencies mining business worldwide. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017. Argo Blockchain plc was incorporated in 2017 and is headquartered in London, the United Kingdom.

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