Bitfarms (TSE:BITF) Stock Price Down 5.9% – Here’s Why

Bitfarms Ltd. (TSE:BITF)’s stock price fell 5.9% during mid-day trading on Friday . The company traded as low as C$1.26 and last traded at C$1.28. 345,290 shares traded hands during trading, a decline of 86% from the average session volume of 2,465,377 shares. The stock had previously closed at C$1.36.

Bitfarms Stock Performance

The business has a fifty day moving average price of C$1.86 and a 200-day moving average price of C$2.43. The stock has a market capitalization of C$434.89 million, a P/E ratio of -2.79 and a beta of 3.20. The company has a quick ratio of 0.63, a current ratio of 3.70 and a debt-to-equity ratio of 4.68.

Insider Buying and Selling at Bitfarms

In other news, Director Benjamin J. Gagnon acquired 50,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was bought at an average price of C$2.26 per share, with a total value of C$113,032.80. In the last 90 days, insiders have purchased 67,760 shares of company stock worth $153,402. Company 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.