Shares of crypto miner Argo Blockchain (NASDAQ:ARBK) are tanking in the pre-market session today after the company announced actions to bolster its balance sheet.
This includes the sale of 3,400 mining machines for $6.8 million, an LOI to amend a current equipment financing agreement, and a proposed subscription with a strategic investor for ~87 million shares, which will raise ~$27 million for the company.
Argo’s financials have deteriorated on challenges stemming from higher natural gas and electricity prices coupled with lower cryptocurrency prices this year.
Is ARBK Stock a Buy?
Despite a nearly 76% slide in ARBK stock this year, analysts remain Bullish on it, with a Strong Buy consensus rating based on four unanimous Buys.
Moreover, an average Argo price target of $8.75 indicates a massive 184.09% upside potential in the stock.