ATB Capital Issues Pessimistic Forecast for Bitfarms (TSE:BITF) Stock Price

Bitfarms (TSE:BITF) had its price target lowered by ATB Capital from C$6.50 to C$3.75 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. ATB Capital’s target price suggests a potential upside of 215.13% from the company’s previous close.

Bitfarms Price Performance

Shares of BITF traded down C$0.17 during mid-day trading on Friday, hitting C$1.19. The company’s stock had a trading volume of 1,390,744 shares, compared to its average volume of 2,484,528. The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. Bitfarms has a 1-year low of C$1.18 and a 1-year high of C$4.49. The firm has a market capitalization of C$417.36 million, a P/E ratio of -2.68 and a beta of 3.20. The firm has a 50-day simple moving average of C$1.86 and a 200 day simple moving average of C$2.43.

Insiders Place Their Bets

In other news, Director Benjamin J. Gagnon bought 50,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were bought at an average cost of C$2.26 per share, for a total transaction of C$113,032.80. In the last ninety days, insiders have purchased 67,760 shares of company stock worth $153,402. Corporate 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.