Argo Blockchain Stock to Reverse Split on Friday, December 12th (NASDAQ:ARBK)

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK)’s stock is going to reverse split on the morning of Friday, December 12th. The 1-216 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, December 11th.

Argo Blockchain Trading Down 8.7%

NASDAQ ARBK opened at $0.23 on Wednesday. Argo Blockchain has a 1 year low of $0.15 and a 1 year high of $1.17. The company has a market cap of $16.40 million, a PE ratio of -0.23 and a beta of 1.80. The stock’s 50-day moving average price is $0.39 and its two-hundred day moving average price is $0.35.

Argo Blockchain (NASDAQ:ARBK) last posted its quarterly earnings data on Tuesday, September 30th. The company reported ($0.05) EPS for the quarter. The business had revenue of $3.14 million for the quarter. Research analysts forecast that Argo Blockchain will post -0.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ARBK. Wall Street Zen raised shares of Argo Blockchain from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. HC Wainwright reaffirmed a “neutral” rating on shares of Argo Blockchain in a research report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Argo Blockchain in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Argo Blockchain has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC purchased a new stake in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned approximately 6.17% of Argo Blockchain at the end of the most recent quarter. Hedge funds and other institutional investors own 2.42% of the company’s stock.

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.