According to Coindesk, several investment banks have downgraded their ratings on Argo Blockchain's stock, with investment bank Canaccord Genuity downgrading its rating to Hold from Buy and lowering its price target on the company's American Depositary Shares (ARBK) from Jefferies downgraded Argo from Buy to Hold. Jefferies downgraded Argo to Hold from Buy and cut its price target to $1.10 from $13. Canaccord analyst Joseph Vafi said in a report that it was downgrading Argo shares to Hold. Argo Blockchain previously said a deal to sell a $27 million stake to fund operations had fallen through and that the miner, hit by depressed bitcoin prices and high energy costs due to the absence of a fixed-rate power deal, could soon run into negative cash flow.