Bitfarms (TSE:BITF) Reaches New 1-Year Low – Time to Sell?

Bitfarms Ltd. (TSE:BITF) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as C$1.91 and last traded at C$2.06, with a volume of 1918199 shares traded. The stock had previously closed at C$2.12.

Wall Street Analyst Weigh In

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

Bitfarms Stock Performance

The stock has a market cap of C$941.95 million, a price-to-earnings ratio of -4.16 and a beta of 3.20. 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 firm has a fifty day simple moving average of C$2.53 and a 200-day simple moving average of C$2.82.

Insider Activity at Bitfarms

In related news, Director Benjamin J. Gagnon acquired 50,000 shares of the company’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 the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$2.44, for a total transaction of C$73,200.00. Insiders have bought a total of 102,760 shares of company stock worth $236,450 over the last 90 days. Insiders own 23.38% of the company’s stock.

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.