Bitfarms (TSE:BITF) Trading 10% Higher - What's Next?

Shares of Bitfarms Ltd. (TSE:BITF - Get Free Report) shot up 10% during trading on Friday . The stock traded as high as C$2.85 and last traded at C$2.85. 4,556,685 shares traded hands during trading, an increase of 23% from the average session volume of 3,692,368 shares. The stock had previously closed at C$2.59.

Bitfarms Stock Up 10.0 %

The company has a quick ratio of 0.63, a current ratio of 5.11 and a debt-to-equity ratio of 3.35. The firm has a market capitalization of C$1.29 billion, a price-to-earnings ratio of -5.82 and a beta of 3.20. The stock has a 50 day moving average of C$2.82 and a 200 day moving average of C$3.02.

Insider Transactions at Bitfarms

In other news, insider Riot Platforms, Inc. purchased 27,300 shares of the company's stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of C$2.30 per share, with a total value of C$62,653.50. In the last quarter, insiders bought 136,949 shares of company stock worth $349,963. 23.34% of the stock is currently 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.