Argo Blockchain (NASDAQ:ARBK – Get Rating) had its target price lowered by equities researchers at Barclays from $15.00 to $7.00 in a note issued to investors on Friday, The Fly reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 52.17% from the stock’s previous close.
A number of other brokerages have also recently weighed in on ARBK. Stifel Nicolaus started coverage on shares of Argo Blockchain in a report on Friday, March 25th. They set a “hold” rating and a $11.00 target price for the company. HC Wainwright decreased their target price on shares of Argo Blockchain from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, May 19th. Compass Point decreased their target price on shares of Argo Blockchain from $25.00 to $12.00 in a research note on Tuesday, June 28th. Finally, Canaccord Genuity Group cut their price target on shares of Argo Blockchain from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, May 20th. One equities research analyst has rated the stock with a hold rating and seven have assigned 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-two 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 its 200 day moving average price is $8.35. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 0.23.
Institutional investors and hedge funds have recently modified their holdings of the company. Scotia Capital Inc. bought a new position in shares of Argo Blockchain in the first quarter valued at about $107,000. Kestra Advisory Services LLC bought a new position in shares of Argo Blockchain in the fourth quarter valued at about $141,000. Connective Portfolio Management LLC bought a new position in Argo Blockchain during the fourth quarter worth about $159,000. First Trust Advisors LP bought a new position in Argo Blockchain during the fourth quarter worth about $469,000. Finally, Vident Investment Advisory LLC bought a new position in Argo Blockchain during the first quarter worth about $657,000. 1.57% of the stock is currently owned by institutional investors.
About Argo Blockchain (Get Rating)
Argo Blockchain plc, together with its subsidiaries, engages in the bitcoin and other cryptocurrencies mining business worldwide. It engages in mining purpose-built computers for cryptographic algorithms. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.
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