Bitfarms (TSE:BITF) Reaches New 12-Month Low – Should You Sell?

Bitfarms Ltd. (TSE:BITF) shares reached a new 52-week low on Friday . The company traded as low as C$1.83 and last traded at C$1.85, with a volume of 1750877 shares trading hands. The stock had previously closed at C$1.98.

Analyst Upgrades and Downgrades

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

Bitfarms Stock Performance

The business’s fifty day moving average price is C$2.25 and its two-hundred day moving average price is C$2.66. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70. The stock has a market capitalization of C$655.85 million, a P/E ratio of -4.21 and a beta of 3.20.

Insider Transactions at Bitfarms

In related news, Director Benjamin J. Gagnon acquired 50,000 shares of the stock in a transaction on Friday, January 10th. The stock was bought at an average cost 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 business’s stock in a transaction dated 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 acquired a total of 102,760 shares of company stock worth $236,450 in the last three months. 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.