Argo Blockchain Downgraded to Neutral by HC Wainwright – Analysts Provide Insights
The cryptocurrency mining company Argo Blockchain (NASDAQ: ARBK) has recently been downgraded by equities research analysts at HC Wainwright from a “buy” rating to a “neutral” rating. This news comes after Canaccord Genuity Group reaffirmed a “hold” rating and issued a $1.45 price target on shares of Argo Blockchain.
Argo Blockchain’s stock performance has been fluctuating, with the company’s shares opening at $1.52 on Friday. The firm’s 50-day moving average is $1.80, while its 200-day moving average is $1.86. The stock has seen a 12-month low of $0.92 and a high of $4.45.
Institutional investors have also shown interest in Argo Blockchain, with hedge fund Redwood Wealth Management Group LLC increasing its stake in the company by 33.6% in the fourth quarter. The institutional investor now owns 76,755 shares of Argo Blockchain, worth $287,000.
Argo Blockchain plc is a global company that specializes in bitcoin and other cryptocurrencies mining. The company’s primary focus is on mining purpose-built computers for complex cryptographic algorithms. Formerly known as GoSun Blockchain Limited, the company rebranded as Argo Blockchain plc in December 2017.
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