Bitfarms (TSE:BITF) Shares Down 4.6% – Should You Sell?

Bitfarms Ltd. (TSE:BITF)’s stock price fell 4.6% during trading on Monday . The stock traded as low as C$2.47 and last traded at C$2.47. 379,794 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 3,669,390 shares. The stock had previously closed at C$2.59.

Bitfarms Price Performance

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 business’s 50 day moving average price is C$2.75 and its two-hundred day moving average price is C$3.04. The stock has a market cap of C$1.10 billion, a P/E ratio of -4.88 and a beta of 3.20.

Insiders Place Their Bets

In other news, insider Riot Platforms, Inc. bought 27,300 shares of Bitfarms stock in a transaction on Monday, August 12th. The shares were purchased at an average price of C$2.30 per share, for a total transaction of C$62,653.50. Insiders purchased 36,380 shares of company stock worth $86,456 over the last three months. 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.