Bitfarms (TSE:BITF) Reaches New 12-Month Low – What’s Next?

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

Wall Street Analyst Weigh In

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

Bitfarms Stock Down 3.3 %

The firm’s 50 day moving average price is C$2.49 and its 200-day moving average price is C$2.79. 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 company has a market cap of C$923.83 million, a P/E ratio of -4.08 and a beta of 3.20.

Insiders Place Their Bets

In other news, Director Benjamin J. Gagnon bought 50,000 shares of the stock in a transaction on Friday, January 10th. The stock was purchased at an average price of C$2.26 per share, with a total value of C$113,032.80. Also, Director Brian Howlett sold 30,000 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of C$2.44, for a total transaction of C$73,200.00. In the last 90 days, insiders acquired 102,760 shares of company stock valued at $236,450. 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.