Bitfarms (TSE:BITF) Reaches New 12-Month Low - Here's What Happened

Bitfarms Ltd. (TSE:BITF - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as C$1.83 and last traded at C$1.85, with a volume of 1750877 shares changing hands. The stock had previously closed at C$1.98.

Analyst Upgrades and Downgrades

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

Bitfarms Trading Down 8.5 %

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 company has a market cap of C$564.66 million, a price-to-earnings ratio of -3.62 and a beta of 3.20. The firm has a 50-day moving average price of C$2.23 and a 200 day moving average price of C$2.66.

Insiders Place Their Bets

In other Bitfarms news, Senior Officer Philippe Fortier bought 25,000 shares of the business's stock in a transaction on Tuesday, December 24th. The shares were purchased at an average price of C$2.36 per share, with a total value of C$59,000.00. 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. Insiders acquired a total of 102,760 shares of company stock valued at $236,450 over the last 90 days. 23.38% of the stock is owned by company insiders.

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.