Bitfarms (TSE:BITF) Reaches New 52-Week Low - Here's Why

Bitfarms Ltd. (TSE:BITF - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as C$1.41 and last traded at C$1.40, with a volume of 2141436 shares changing hands. The stock had previously closed at C$1.53.

Analysts Set New Price Targets

Separately, ATB Capital cut their price objective on Bitfarms from C$6.50 to C$3.75 and set an "outperform" rating for the company in a research report on Friday.

Bitfarms Price Performance

The company has a quick ratio of 0.63, a current ratio of 3.70 and a debt-to-equity ratio of 4.68. The company has a market capitalization of C$420.86 million, a price-to-earnings ratio of -2.70 and a beta of 3.20. The stock's 50-day simple moving average is C$1.83 and its two-hundred day simple moving average is C$2.42.

Insider Activity at Bitfarms

In other Bitfarms news, Director Benjamin J. Gagnon bought 50,000 shares of the company's stock in a transaction dated Friday, January 10th. The stock was acquired at an average price of C$2.26 per share, with a total value of C$113,032.80. In the last three months, insiders have purchased 67,760 shares of company stock valued at $153,402. 23.38% of the stock is owned by corporate 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.