Argo Blockchain (NASDAQ:ARBK) Downgraded to Equal Weight at Barclays
Argo Blockchain (NASDAQ:ARBK – Get Rating) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, The Fly reports.
ARBK has been the subject of several other reports. Canaccord Genuity Group lifted their price objective on Argo Blockchain from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, August 29th. HC Wainwright decreased their target price on Argo Blockchain from $14.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, 26th. August. Compass Point decreased their price objective on Argo Blockchain from $25.00 to $12.00 in a report on Tuesday, June 28th. Finally, Canaccord Genuity Group reduced their price objective on Argo Blockchain from $13.00 to $10.00 in a report on Monday, August 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.44.
Argo Blockchain Price Performance
Argo Blockchain stock opened at $3.20 on Monday. The company has a debt ratio of 2.11, a quick ratio of 2.39 and a debt ratio of 0.44. The stock has a fifty day moving average price of $4.70 and a two hundred day moving average price of $5.79. Argo Blockchain has a 52-week low of $2.90 and a 52-week high of $21.00.
Institutional investors weigh in on Argo Blockchain
A number of hedge funds have recently changed their holdings of ARBK. Van ECK Associates Corp boosted its position in Argo Blockchain by 93.9% in the 1st quarter. Van ECK Associates Corp now owns 365,324 shares of the company’s stock valued at $3,602,000 after buying an additional 176,951 shares during the last quarter. Renaissance Technologies LLC lifted its position in Argo Blockchain by 632.0% in the 1st quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s stock valued at $880,000 after buying an additional 77,100 shares during the last quarter. Vident Investment Advisory LLC purchased a new stake in Argo Blockchain in the 1st quarter valued at approximately $657,000. State Street Corp bought a new position in shares of Argo Blockchain during the 2nd quarter worth about $139,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in shares of Argo Blockchain during the 2nd quarter worth about $118 000. Institutional investors and hedge funds own 1.85% of the company’s shares.
Argo Blockchain Company Profile
(Get rating)
Argo Blockchain plc, together with its subsidiaries, engages in the mining business of bitcoin and other cryptocurrencies worldwide. It mines purpose-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.
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