Argo Blockchain (NASDAQ:ARBK) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Argo Blockchain (NASDAQ:ARBK) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Argo Blockchain Plc provides sustainable blockchain infrastructure and cryptocurrency mining. Argo Blockchain Plc is headquartered in London, UK. “

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Argo Blockchain in a research note on Monday, October 18th. They set a buy rating and a $30.00 price objective for the company. initiated coverage on shares of Argo Blockchain in a research note on Monday, October 18th. They issued a buy rating and a $24.00 target price for the company. Barclays initiated coverage on shares of Argo Blockchain in a research note on Monday, October 18th. They issued an overweight rating and a $22.00 target price for the company. HC Wainwright reiterated a buy rating on shares of Argo Blockchain in a research note on Friday, November 5th. Finally, Roth Capital started coverage on shares of Argo Blockchain in a research note on Monday, November 1st. They issued a buy rating and a $27.00 target price for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Argo Blockchain presently has a consensus rating of Buy and a consensus price target of $23.00.

Argo Blockchain stock opened at $10.97 on Wednesday. The business’s 50-day simple moving average is $14.90. Argo Blockchain has a one year low of $10.44 and a one year high of $21.00.

Argo Blockchain (NASDAQ:ARBK) last posted its quarterly earnings data on Monday, November 1st. The company reported $0.40 EPS for the quarter. The business had revenue of $25.98 million for the quarter. Research analysts anticipate that Argo Blockchain will post 1.35 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in ARBK. Schonfeld Strategic Advisors LLC bought a new position in Argo Blockchain in the 3rd quarter valued at about $287,000. Morgan Stanley bought a new position in shares of Argo Blockchain during the third quarter worth approximately $421,000. Wellington Management Group LLP bought a new position in shares of Argo Blockchain during the third quarter worth approximately $511,000. Tudor Investment Corp Et Al bought a new position in shares of Argo Blockchain during the third quarter worth approximately $800,000. Finally, Citadel Advisors LLC bought a new position in shares of Argo Blockchain during the third quarter worth approximately $967,000. 4.02% of the stock is currently owned by hedge funds and other institutional investors.

About Argo Blockchain

Argo Blockchain Plc provides sustainable blockchain infrastructure and cryptocurrency mining. Argo Blockchain Plc is headquartered in London, UK.

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