Bitfarms (TSE:BITF) Trading Down 5.9% – What’s Next?

Bitfarms Ltd. (TSE:BITF) fell 5.9% during mid-day trading on Friday . The company traded as low as C$1.26 and last traded at C$1.28. 345,290 shares changed hands during trading, a decline of 86% from the average session volume of 2,465,377 shares. The stock had previously closed at C$1.36.

Bitfarms Price Performance

The firm has a market cap of C$434.89 million, a P/E ratio of -2.79 and a beta of 3.20. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63. The firm’s 50 day moving average is C$1.86 and its 200 day moving average is C$2.43.

Insider Transactions at Bitfarms

In other news, Director Benjamin J. Gagnon acquired 50,000 shares of Bitfarms stock in a transaction on Friday, January 10th. The stock was acquired at an average cost of C$2.26 per share, for a total transaction of C$113,032.80. Insiders have purchased a total of 67,760 shares of company stock valued at $153,402 in the last ninety days. 23.38% of the stock is currently 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.