Bitfarms (TSE:BITF) Hits New 1-Year Low - Here's What Happened

Bitfarms Ltd. (TSE:BITF - Get Free Report) shares reached a new 52-week low on Friday . The company traded as low as C$1.54 and last traded at C$1.64, with a volume of 1287606 shares traded. The stock had previously closed at C$1.59.

Wall Street Analysts Forecast Growth

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

Bitfarms Trading Up 3.1 %

The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. The firm has a market cap of C$582.20 million, a P/E ratio of -3.74 and a beta of 3.20. The stock has a 50 day simple moving average of C$2.13 and a 200-day simple moving average of C$2.60.

Insider Buying and Selling

In other news, Director Benjamin J. Gagnon purchased 50,000 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was purchased 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 company's 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 value of C$73,200.00. Over the last 90 days, insiders have acquired 102,760 shares of company stock worth $236,450. 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.