Argo Blockchain’s (NASDAQ:ARBK – Get Rating) lock-up period is set to expire on Tuesday, March 22nd. Argo Blockchain had issued 7,500,000 shares in its initial public offering on September 23rd. The total size of the offering was $112,500,000 based on an initial share price of $15.00. After the end of Argo Blockchain’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
A number of brokerages recently commented on ARBK. Compass Point upped their target price on Argo Blockchain from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, March 8th. Barclays decreased their target price on shares of Argo Blockchain from $22.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Zacks Investment Research lowered shares of Argo Blockchain from a “hold” rating to a “sell” rating in a report on Wednesday, February 9th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $22.50.
ARBK stock opened at $7.60 on Tuesday. Argo Blockchain has a 1-year low of $7.44 and a 1-year high of $21.00. The company’s fifty day simple moving average is $9.85.
Large investors have recently made changes to their positions in the business. MMCAP International Inc. SPC acquired a new position in Argo Blockchain during the third quarter worth about $5,200,000. Wellington Management Group LLP acquired a new stake in shares of Argo Blockchain in the third quarter worth $511,000. Teacher Retirement System of Texas acquired a new position in shares of Argo Blockchain during the 3rd quarter worth about $3,200,000. Alliancebernstein L.P. acquired a new position in Argo Blockchain during the 3rd quarter valued at $1,354,000. Finally, Third Point LLC acquired a new position in Argo Blockchain in the 3rd quarter valued at approximately $1,600,000. Institutional investors own 4.34% of the company’s stock.
Argo Blockchain Company Profile (Get Rating)
Argo Blockchain Plc provides sustainable blockchain infrastructure and cryptocurrency mining. Argo Blockchain Plc is headquartered in London, UK.
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