Argo Blockchain (NASDAQ:ARBK) Trading Down 3.7% – Here’s What Happened

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) dropped 3.7% during mid-day trading on Monday . The stock traded as low as $2.75 and last traded at $2.83. Approximately 10,020 shares changed hands during trading, a decline of 73% from the average daily volume of 36,854 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

A number of brokerages have recently commented on ARBK. Wall Street Zen raised shares of Argo Blockchain to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Argo Blockchain in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Argo Blockchain has a consensus rating of “Reduce”.

Argo Blockchain Trading Down 3.7%

The firm has a market cap of $933,900.00, a price-to-earnings ratio of -0.01 and a beta of 1.93. The stock’s 50 day moving average is $3.89 and its 200 day moving average is $46.14.

Argo Blockchain (NASDAQ:ARBK) last issued its quarterly earnings data on Tuesday, September 30th. The company reported ($10.80) earnings per share (EPS) for the quarter. The business had revenue of $3.14 million for the quarter. On average, equities research analysts predict that Argo Blockchain PLC Sponsored ADR will post -0.78 EPS for the current year.

Hedge Funds Weigh In On Argo Blockchain

An institutional investor recently bought a new position in Argo Blockchain stock. Armistice Capital LLC acquired a new position in Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned approximately 6.17% of Argo Blockchain as of its most recent SEC filing. Institutional investors own 2.42% of the company’s stock.

Argo Blockchain Company Profile

Argo Blockchain Plc is a publicly traded blockchain technology company focused on large-scale cryptocurrency mining. The company’s principal business activities involve the deployment and operation of high-performance data centers that house specialized hardware for mining Bitcoin and other digital assets. Through advanced infrastructure design and a commitment to operational efficiency, Argo seeks to optimize hash rates and energy consumption to maximize yields for its shareholders.

Founded in 2017 and headquartered in London, Argo Blockchain initially listed on the London AIM market before securing a secondary listing on the Nasdaq under the ticker ARBK.