Shares of Bitfarms Ltd. (TSE:BITF - Get Free Report) dropped 5.9% during mid-day trading on Friday after ATB Capital lowered their price target on the stock from C$6.50 to C$3.75. ATB Capital currently has an outperform rating on the stock. Bitfarms traded as low as C$1.26 and last traded at C$1.28. Approximately 345,290 shares were traded during trading, a decline of 86% from the average daily volume of 2,465,377 shares. The stock had previously closed at C$1.36.
Insider Buying and Selling
In related news, Director Benjamin J. Gagnon bought 50,000 shares of the firm's stock in a transaction on Friday, January 10th. The shares were bought at an average cost of C$2.26 per share, for a total transaction of C$113,032.80. Insiders bought 61,760 shares of company stock valued at $140,262 over the last ninety days. Corporate insiders own 23.38% of the company's stock.
Bitfarms Stock Performance
The stock's fifty day simple moving average is C$1.83 and its 200-day simple moving average is C$2.42. 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$396.31 million, a PE ratio of -2.54 and a beta of 3.20.
About Bitfarms
(
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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.
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