Bitfarms (TSE:BITF) Stock Price Up 10% – Still a Buy?

Bitfarms Ltd. (TSE:BITF)’s share price traded up 10% during mid-day trading on Friday . The company traded as high as C$2.85 and last traded at C$2.85. 4,556,685 shares changed hands during trading, an increase of 23% from the average session volume of 3,692,368 shares. The stock had previously closed at C$2.59.

Bitfarms Stock Up 10.0 %

The firm has a market cap of C$1.29 billion, a P/E ratio of -5.82 and a beta of 3.20. The company’s 50-day simple moving average is C$2.82 and its 200 day simple moving average is C$3.02. The company has a debt-to-equity ratio of 3.35, a current ratio of 5.11 and a quick ratio of 0.63.

Insider Activity

In related news, insider Riot Platforms, Inc. purchased 100,209 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was bought at an average price of C$2.62 per share, for a total transaction of C$262,547.58. In the last three months, insiders have acquired 136,949 shares of company stock worth $349,963. 23.34% 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.