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

Bitfarms Ltd. (TSE:BITF) shares hit a new 52-week low on Friday . The stock traded as low as C$1.83 and last traded at C$1.85, with a volume of 1750877 shares changing hands. The stock had previously closed at C$1.98.

Analysts Set New Price Targets

Separately, ATB Capital cut 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 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 has a market cap of C$655.85 million, a P/E ratio of -4.21 and a beta of 3.20. The business’s 50-day simple moving average is C$2.25 and its 200 day simple moving average is C$2.66.

Insiders Place Their Bets

In other Bitfarms news, Director Benjamin J. Gagnon purchased 50,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were acquired at an average price of C$2.26 per share, for a total transaction of C$113,032.80. Also, Director Brian Howlett sold 30,000 shares of Bitfarms stock in a transaction on Thursday, December 19th. The stock was sold at an average price of C$2.44, for a total transaction of C$73,200.00. In the last quarter, insiders purchased 102,760 shares of company stock valued at $236,450. Company 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.