Argo Blockchain (NASDAQ:ARBK) Shares Down 0.7% – Here’s What Happened

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) shares fell 0.7% on Tuesday . The company traded as low as $2.92 and last traded at $3.01. 18,210 shares traded hands during trading, an increase of 10% from the average session volume of 16,488 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

Several brokerages recently issued reports on ARBK. Weiss Ratings reissued a “sell (e+)” rating on shares of Argo Blockchain in a research note on Wednesday, January 21st. Wall Street Zen raised Argo Blockchain to a “hold” rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce”.

Argo Blockchain Stock Performance

The stock has a 50 day moving average of $3.50 and a 200 day moving average of $39.08. The stock has a market capitalization of $965,260.00, a P/E ratio of -0.01 and a beta of 1.97.

Institutional Investors Weigh In On Argo Blockchain

An institutional investor recently bought a new position in Argo Blockchain stock. Armistice Capital LLC bought a new stake in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned approximately 6.17% of Argo Blockchain at the end of the most recent reporting period. 2.42% of the stock is currently owned by hedge funds and other institutional investors.

Argo Blockchain Company Profile

Argo Blockchain Plc is a publicly traded blockchain technology company focused on large-scale cryptocurrency mining. The company’s principal business activities involve the deployment and operation of high-performance data centers that house specialized hardware for mining Bitcoin and other digital assets. Through advanced infrastructure design and a commitment to operational efficiency, Argo seeks to optimize hash rates and energy consumption to maximize yields for its shareholders.

Founded in 2017 and headquartered in London, Argo Blockchain initially listed on the London AIM market before securing a secondary listing on the Nasdaq under the ticker ARBK.