Bitfarms (TSE:BITF) Sets New 1-Year Low – Here’s What Happened

Bitfarms Ltd. (TSE:BITF) hit a new 52-week low on Tuesday . The stock traded as low as C$1.91 and last traded at C$1.92, with a volume of 1871955 shares trading hands. The stock had previously closed at C$2.00.

Analyst Upgrades and Downgrades

Separately, ATB Capital decreased their price objective on Bitfarms from C$7.00 to C$6.50 in a report on Thursday, November 14th.

Bitfarms Trading Down 5.5 %

The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.63 and a current ratio of 5.11. The firm has a market capitalization of C$855.91 million, a P/E ratio of -3.78 and a beta of 3.20. The firm has a 50 day simple moving average of C$2.44 and a two-hundred day simple moving average of C$2.76.

Insider Buying and Selling

In related news, Director Benjamin J. Gagnon acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was 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 dated Thursday, December 19th. The stock was sold at an average price of C$2.44, for a total transaction of C$73,200.00. Over the last ninety days, insiders have bought 102,760 shares of company stock worth $236,450. 23.38% of the stock is owned by insiders.

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.