Argo Blockchain (NASDAQ:ARBK) Trading 0.3% Higher – Still a Buy?

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) rose 0.3% on Wednesday . The stock traded as high as $3.39 and last traded at $3.31. 19,582 shares traded hands during trading, an increase of 24% from the average session volume of 15,802 shares. The stock had previously closed at $3.30.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Argo Blockchain from a “sell (e+)” rating to a “sell (d)” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce”.

Argo Blockchain Stock Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.51 and a quick ratio of 0.51. The company has a fifty day moving average price of $3.64 and a 200 day moving average price of $3.49. The stock has a market cap of $44.22 million, a P/E ratio of -0.03 and a beta of 1.88.

Institutional Trading of Argo Blockchain

An institutional investor recently bought a new stake in Argo Blockchain stock. Armistice Capital LLC acquired a new position in shares of Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,435,969 shares of the company’s stock, valued at approximately $830,000. Armistice Capital LLC owned about 6.17% of Argo Blockchain at the end of the most recent quarter. 2.42% of the stock is owned by institutional investors.

About Argo Blockchain

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.