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

Bitfarms Ltd. (TSE:BITF)’s stock price reached a new 52-week low during mid-day 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 traded. The stock had previously closed at C$1.53.

Wall Street Analyst Weigh In

Separately, ATB Capital reduced their price target 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 Stock Performance

The stock has a market capitalization of C$420.86 million, a P/E ratio of -2.70 and a beta of 3.20. 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 50-day moving average price of C$1.86 and a two-hundred day moving average price of C$2.43.

Insider Buying and Selling

In related news, Director Benjamin J. Gagnon purchased 50,000 shares of the business’s stock in a transaction on 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 90 days, insiders have bought 67,760 shares of company stock valued at $153,402. Company 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.