Argo Blockchain (NASDAQ:ARBK) Downgraded by HC Wainwright

Argo Blockchain (NASDAQ:ARBK) was downgraded by equities research analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat reports.

Separately, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $1.45 price target on shares of Argo Blockchain in a report on Thursday, March 28th.

Argo Blockchain Price Performance

NASDAQ:ARBK opened at $1.52 on Friday. The firm’s 50 day moving average is $1.80 and its 200 day moving average is $1.86. Argo Blockchain has a 12 month low of $0.92 and a 12 month high of $4.45.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Argo Blockchain stock. Redwood Wealth Management Group LLC boosted its holdings in Argo Blockchain plc (NASDAQ:ARBK) by 33.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,755 shares of the company’s stock after buying an additional 19,300 shares during the period. Redwood Wealth Management Group LLC owned approximately 0.13% of Argo Blockchain worth $287,000 as of its most recent filing with the Securities and Exchange Commission. 2.42% of the stock is owned by institutional investors.

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.