Argo Blockchain plc (NASDAQ: ARBK) Gives average recommendation on “moderate buy” by analysts
Argo Blockchain plc (NASDAQ: ARBK – Get Rating) has received an average recommendation for “Moderate Buy” from the nine brokerages that cover the company, reports MarketBeat Ratings. One stock analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokers who have issued stock ratings over the past year is $ 17.25.
Several stock analysts have recently weighed in on the company. Barclays reduced its price target on the Argo Blockchain from $ 15.00 to $ 7.00 and set an “overweight” rating for the company in a research report on Friday. HC Wainwright reduced their price target on the Argo Blockchain from $ 16.00 to $ 14.00 and set a “buy” rating for the company in a research report on Thursday 19 May. Stifel Nicolaus initiated coverage of Argo Blockchain in a research report on Friday 25. March. They issued a “hold” rating and a $ 11.00 price target for the company. Compass Point reduced the target price of the Argo Blockchain from $ 25.00 to $ 12.00 in a research report on Tuesday, June 28th. Finally, Canaccord Genuity Group reduced its target price on the Argo Blockchain from $ 16.00 to $ 13.00 and set a “buy” rating for the company in a research report on Friday 20. May.
ARBK opened at $ 4.60 on Friday. The company has a 50-day moving average price of $ 5.62 and a 200-day moving average price of $ 8.40. Argo Blockchain has a minimum of $ 3.71 for twelve months and a maximum of $ 21.00 for twelve months. The company has a debt ratio of 0.23, a quick ratio of 2.39 and a debt ratio of 2.39.
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Major investors have recently made changes to their positions in the company. Vident Investment Advisory LLC acquired a new stake in Argo Blockchain in the first quarter worth around $ 657,000. Renaissance Technologies LLC increased its position in Argo Blockchain by 632.0% in the first quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s shares worth $ 880,000 after acquiring an additional 77,100 shares during the period. First Trust Advisors LP increased its position in Argo Blockchain by 47.1% in the first quarter. First Trust Advisors LP now owns 56,724 shares of the company’s shares worth $ 559,000 after buying an additional 18,175 shares during the period. Gillson Capital LP increased its position in Argo Blockchain by 32.6% in the first quarter. Gillson Capital LP now owns 86,966 shares of the company’s shares worth $ 857,000 after buying an additional 21,368 shares during the period. Finally, Van ECK Associates Corp. increased its position in Argo Blockchain by 93.9% in the first quarter. Van ECK Associates Corp. now owns 365,324 shares of the company’s shares worth $ 3,602,000 after acquiring an additional 176,951 shares during the period. Institutional investors own 1.57% of the company’s shares.
About Argo Blockchain (Get rating)
Argo Blockchain plc, together with its subsidiaries, engages in bitcoin and other cryptocurrency mining businesses worldwide. It mines specially built computers for cryptographic algorithms. The company was previously known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.
Further reading
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