Argo Blockchain (NASDAQ:ARBK) Given “Hold” Rating at Canaccord Genuity Group

Argo Blockchain (NASDAQ:ARBK)‘s stock had its “hold” rating reaffirmed by equities researchers at Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They presently have a $1.45 price objective on the stock. Canaccord Genuity Group’s price objective would indicate a potential downside of 19.00% from the stock’s current price.

Argo Blockchain Price Performance

ARBK stock traded up $0.19 during mid-day trading on Thursday, reaching $1.79. 1,254,436 shares of the company traded hands, compared to its average volume of 931,400. Argo Blockchain has a fifty-two week low of $0.92 and a fifty-two week high of $4.45. The firm’s 50 day moving average price is $2.04 and its 200 day moving average price is $1.78.

Institutional Investors Weigh In On Argo Blockchain

A number of hedge funds and other institutional investors have recently bought and sold shares of ARBK. Vident Advisory LLC raised its holdings in Argo Blockchain by 429.1% during the 4th quarter. Vident Advisory LLC now owns 807,826 shares of the company’s stock valued at $3,021,000 after acquiring an additional 655,136 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Argo Blockchain by 632.0% in the first quarter. Renaissance Technologies LLC now owns 89,300 shares of the company’s stock worth $880,000 after purchasing an additional 77,100 shares during the period. Vident Investment Advisory LLC bought a new position in shares of Argo Blockchain in the first quarter worth $657,000. State Street Corp purchased a new position in Argo Blockchain in the second quarter worth $139,000. Finally, Chesapeake Capital Corp IL purchased a new position in Argo Blockchain in the fourth quarter worth $132,000. Institutional investors own 2.42% of the company’s stock.

About Argo Blockchain

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.