Bitfarms (TSE:BITF) Hits New 12-Month Low – Should You Sell?

Bitfarms Ltd. (TSE:BITF) shares hit a new 52-week low during trading on Tuesday . The company traded as low as C$1.08 and last traded at C$1.16, with a volume of 815886 shares traded. The stock had previously closed at C$1.13.

Analyst Upgrades and Downgrades

Separately, ATB Capital decreased their target price on shares of Bitfarms from C$6.50 to C$3.75 and set an “outperform” rating on the stock in a research note on Friday.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70. The firm’s fifty day simple moving average is C$1.81 and its 200 day simple moving average is C$2.41. The firm has a market cap of C$399.82 million, a P/E ratio of -2.57 and a beta of 3.20.

Insider Activity at Bitfarms

In other Bitfarms news, Director Benjamin J. Gagnon acquired 50,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was acquired at an average cost of C$2.26 per share, with a total value of C$113,032.80. Over the last three months, insiders bought 61,760 shares of company stock valued at $140,262. Insiders own 23.38% of the company’s stock.

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.