Argo Blockchain (NASDAQ:ARBK) Shares Up 10.8% – Still a Buy?

Argo Blockchain plc (NASDAQ:ARBK)’s stock price 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 changed hands during trading, a decline of 48% from the average session volume of 904,467 shares. The stock had previously closed at $0.38.

Wall Street Analyst Weigh In

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

Argo Blockchain Stock Up 10.8 %

The firm has a market cap of $30.10 million, a PE ratio of -0.58 and a beta of 1.98. The business has a 50 day simple moving average of $0.47 and a two-hundred day simple moving average of $0.81.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd boosted its position in Argo Blockchain by 144.5% in the 3rd quarter. XTX Topco Ltd now owns 59,426 shares of the company’s stock valued at $72,000 after buying an additional 35,118 shares during the period. Jane Street Group LLC increased its holdings in Argo Blockchain by 488.7% during the 3rd quarter. Jane Street Group LLC now owns 976,414 shares of the company’s stock worth $1,181,000 after purchasing an additional 810,559 shares during the period. Virtu Financial LLC bought a new stake in Argo Blockchain during the 3rd quarter valued at $28,000. Bank of Montreal Can purchased a new stake in shares of Argo Blockchain in the 4th quarter worth $37,000. Finally, PEAK6 LLC bought a new position in shares of Argo Blockchain during the 4th quarter worth $129,000. Hedge funds and other 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.