Argo Blockchain (NASDAQ:ARBK) Shares Set to Reverse Split on Friday, December 12th

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK) shares are going to reverse split before the market opens on Friday, December 12th. The 1-216 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, December 11th.

Argo Blockchain Stock Down 8.7%

Shares of ARBK stock opened at $0.23 on Wednesday. Argo Blockchain has a 12 month low of $0.15 and a 12 month high of $1.17. The company has a market cap of $16.40 million, a PE ratio of -0.23 and a beta of 1.80. The business’s 50 day moving average is $0.39 and its two-hundred day moving average is $0.35.

Argo Blockchain (NASDAQ:ARBK) last issued its quarterly earnings data on Tuesday, September 30th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $3.14 million for the quarter. As a group, equities analysts expect that Argo Blockchain will post -0.78 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ARBK shares. Wall Street Zen upgraded shares of Argo Blockchain from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of Argo Blockchain in a research report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Argo Blockchain in a report on Friday, October 3rd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Argo Blockchain presently has an average rating of “Sell”.

Institutional Investors Weigh In On Argo Blockchain

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

Argo Blockchain Company Profile

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 complex cryptographic algorithms. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.