Argo Blockchain (NASDAQ: ARBK – Get rating) had its target price lowered by stock researchers at Barclays from $ 15.00 to $ 7.00 in a note issued to investors on Friday, reports The Fly. The company currently has an “overweight” rating on the stock. Barclays’ price target will indicate a potential upside of 52.17% from the share’s previous close.
A number of other brokerage houses have also recently weighed in on ARBK. Stifel Nicolaus started covering shares in Argo Blockchain in a report on Friday 25. March. They set a “hold” rating and a target price of $ 11.00 for the company. HC Wainwright reduced the target price of the shares in Argo Blockchain from $ 16.00 to $ 14.00 and set a “buy” rating for the company in a research note on Thursday 19 May. Compass Point reduced the target price of shares in Argo Blockchain from $ 25.00 to $ 12.00 in a research note on Tuesday, June 28. Finally, Canaccord Genuity Group cut its price target on shares in Argo Blockchain from $ 16.00 to $ 13.00 and set a “buy” rating on the stock in a report on Friday 20. May. One stock analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $ 17.25.
ARBK opened at $ 4.60 on Friday. Argo Blockchain has a fifty-week low of $ 3.71 and a fifty-two week high of $ 21.00. The company’s 50-day moving average price is $ 5.55 and the 200-day moving average price is $ 8.35. The company has a debt ratio of 2.39, a quick ratio of 2.39 and a debt ratio of 0.23.
Institutional investors and hedge funds have recently changed their holdings of the company. Scotia Capital Inc. acquired a new stake in Argo Blockchain in the first quarter worth approximately $ 107,000. Kestra Advisory Services LLC acquired a new stake in Argo Blockchain in the fourth quarter worth approximately $ 141,000. Connective Portfolio Management LLC acquired a new position in Argo Blockchain during the fourth quarter worth around $ 159,000. First Trust Advisors LP acquired a new position in Argo Blockchain during the fourth quarter worth around $ 469,000. Finally, Vident Investment Advisory LLC acquired a new position in Argo Blockchain during the first quarter worth around $ 657,000. 1.57% of the share is currently owned by institutional investors.
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.
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