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- U.S.-listed shares of crypto miner Argo Blockchain (NASDAQ:ARBK) ended 9.2% lower at $4.34 on Tuesday, snapping a three-day streak of gains.
- Compass Point research analyst Chase White lowered the price target on ARBK to $12 from $25, which is nearly triple of ARBK's last closing price.
- Separately, Compass Point's White upgraded bitcoin (BTC-USD) miner Riot Blockchain (RIOT) to a buy rating from neutral.
- White is forecasting the price of bitcoin to average ~$29K in 2022 vs. ~$37K in the prior view. The analyst sees bitcoin's average rising to ~$34K in 2023 and ending the year at $43.5K.
- ARBK has a Wall Street average rating of buy, with four of eight analysts rating it a strong buy. The SA Authors rating on the stock is hold, while there is no Quant rating as ARBK has traded for less than a year.
- ARBK stock is down 71% from its IPO price of $15.