Argo Blockchain (NASDAQ:ARBK) Trading 10.8% Higher – Here’s Why

Argo Blockchain plc (NASDAQ:ARBK) shot up 10.8% during trading on Monday . The stock traded as high as $0.42 and last traded at $0.42. 468,020 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 904,467 shares. The stock had previously closed at $0.38.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods initiated coverage on Argo Blockchain in a research report on Wednesday, January 8th. They issued an “underperform” rating for the company.

Argo Blockchain Price Performance

The firm has a market cap of $27.85 million, a PE ratio of -0.54 and a beta of 1.98. The company has a 50-day simple moving average of $0.46 and a 200-day simple moving average of $0.81.

Institutional Investors Weigh In On Argo Blockchain

Institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Argo Blockchain during the third quarter valued at about $28,000. Bank of Montreal Can acquired a new position in shares of Argo Blockchain in the fourth quarter valued at approximately $37,000. XTX Topco Ltd raised its holdings in Argo Blockchain by 144.5% during the third quarter. XTX Topco Ltd now owns 59,426 shares of the company’s stock worth $72,000 after purchasing an additional 35,118 shares during the last quarter. PEAK6 LLC purchased a new stake in shares of Argo Blockchain in the fourth quarter valued at $129,000. Finally, Jane Street Group LLC lifted its position in Argo Blockchain by 488.7% during the third quarter. Jane Street Group LLC now owns 976,414 shares of the company’s stock worth $1,181,000 after buying an additional 810,559 shares during the period. 2.42% of the stock is currently owned by institutional investors and hedge funds.

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.