All You Need to Know About Argo Blockchain (ARBK) Rating Upgrade to Buy

Core Viewpoint - Argo Blockchain PLC has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is expected to positively influence its stock price [1][2]. Earnings Outlook - The Zacks Consensus Estimate predicts Argo Blockchain will earn -$0.32 per share for the fiscal year ending December 2024, reflecting a year-over-year change of 52.9% [5]. - Over the past three months, analysts have raised their earnings estimates for Argo Blockchain by 40.6% [5]. Impact of Earnings Estimates - Changes in a company's earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to significant price movements based on their buying or selling actions [3]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [4]. - The upgrade of Argo Blockchain to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [7].