Bitfarms (TSE:BITF) Shares Down 2% – Here’s What Happened

Shares of Bitfarms Ltd. (TSE:BITF) fell 2% during mid-day trading on Thursday . The company traded as low as C$2.93 and last traded at C$2.95. 8,428,441 shares were traded during mid-day trading, an increase of 118% from the average session volume of 3,874,726 shares. The stock had previously closed at C$3.01.

Wall Street Analysts Forecast Growth

Separately, ATB Capital decreased their target price on shares of Bitfarms from C$7.00 to C$6.50 in a research report on Thursday, November 14th.

Bitfarms Stock Up 9.8 %

The stock has a market capitalization of C$1.47 billion, a P/E ratio of -6.48 and a beta of 3.20. The business has a 50-day simple moving average of C$2.86 and a two-hundred day simple moving average of C$3.11. The company has a quick ratio of 0.63, a current ratio of 5.11 and a debt-to-equity ratio of 3.35.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.