Bitfarms (TSE:BITF) Hits New 1-Year Low – Time to Sell?

Bitfarms Ltd. (TSE:BITF) shares hit a new 52-week low during trading on Monday . The company traded as low as C$1.91 and last traded at C$2.06, with a volume of 1918199 shares trading hands. The stock had previously closed at C$2.12.

Analyst Ratings Changes

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

Bitfarms Stock Performance

The firm has a fifty day simple moving average of C$2.49 and a 200 day simple moving average of C$2.79. The company has a current ratio of 5.11, a quick ratio of 0.63 and a debt-to-equity ratio of 3.35. The stock has a market cap of C$923.83 million, a price-to-earnings ratio of -4.08 and a beta of 3.20.

Insider Activity at Bitfarms

In related news, Senior Officer Philippe Fortier purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were acquired at an average price of C$2.36 per share, with a total value of C$59,000.00. Also, Director Benjamin J. Gagnon acquired 50,000 shares of the company’s stock in a transaction on Friday, January 10th. The shares were bought at an average price of C$2.26 per share, with a total value of C$113,032.80. Over the last ninety days, insiders bought 102,760 shares of company stock worth $236,450. 23.38% of the stock is owned by corporate insiders.

Bitfarms Company Profile

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.