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

Argo Blockchain PLC Sponsored ADR (NASDAQ:ARBK)’s stock is going to reverse split on the morning of Friday, December 12th. The 1-216 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, December 11th.

Argo Blockchain Trading Down 5.8%

Shares of NASDAQ ARBK opened at $0.23 on Friday. Argo Blockchain has a 12 month low of $0.15 and a 12 month high of $1.17. The business has a 50-day moving average of $0.38 and a 200-day moving average of $0.35. The firm has a market capitalization of $16.50 million, a price-to-earnings ratio of -0.24 and a beta of 1.80.

Argo Blockchain (NASDAQ:ARBK) last posted its earnings results on Tuesday, September 30th. The company reported ($0.05) earnings per share for the quarter. The business had revenue of $3.14 million during the quarter. On average, analysts predict that Argo Blockchain will post -0.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Argo Blockchain

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