Argo Blockchain plc (NASDAQ:ARBK) Receives Consensus Rating of “Buy” from Brokerages

Argo Blockchain plc (NASDAQ:ARBKGet Rating) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $19.88.

A number of equities research analysts recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Argo Blockchain in a report on Friday, March 25th. They issued a “hold” rating and a $11.00 price target on the stock. Barclays lowered their target price on shares of Argo Blockchain from $22.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 14th. HC Wainwright lowered their target price on shares of Argo Blockchain from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday. Zacks Investment Research cut shares of Argo Blockchain from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Finally, Canaccord Genuity Group lowered their target price on shares of Argo Blockchain from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Friday.

Shares of NASDAQ:ARBK traded down $0.63 during mid-day trading on Friday, reaching $5.80. The company had a trading volume of 2,344 shares, compared to its average volume of 138,161. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $8.30 and its 200-day moving average price is $11.20. Argo Blockchain has a one year low of $5.39 and a one year high of $21.00.

A number of large investors have recently made changes to their positions in ARBK. Vident Investment Advisory LLC bought a new position in shares of Argo Blockchain during the first quarter valued at about $657,000. Renaissance Technologies LLC raised its stake in Argo Blockchain by 632.0% in the first quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s stock worth $880,000 after buying an additional 77,100 shares in the last quarter. First Trust Advisors LP raised its stake in Argo Blockchain by 47.1% in the first quarter. First Trust Advisors LP now owns 56,724 shares of the company’s stock worth $559,000 after buying an additional 18,175 shares in the last quarter. Gillson Capital LP raised its stake in Argo Blockchain by 32.6% in the first quarter. Gillson Capital LP now owns 86,966 shares of the company’s stock worth $857,000 after buying an additional 21,368 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in Argo Blockchain by 93.9% in the first quarter. Van ECK Associates Corp now owns 365,324 shares of the company’s stock worth $3,602,000 after buying an additional 176,951 shares in the last quarter. Institutional investors own 1.57% of the company’s stock.

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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