Bitfarms (TSE:BITF) Reaches New 52-Week Low – Here’s What Happened

Shares of Bitfarms Ltd. (TSE:BITF) 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 traded. The stock had previously closed at C$1.98.

Wall Street Analysts Forecast Growth

Separately, ATB Capital lowered their price objective on Bitfarms from C$7.00 to C$6.50 in a research report on Thursday, November 14th.

Bitfarms Stock Down 5.6 %

The stock has a 50 day moving average price of C$2.27 and a 200-day moving average price of C$2.67. The stock has a market capitalization of C$655.85 million, a P/E ratio of -4.21 and a beta of 3.20. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63.

Insider Buying and Selling

In other Bitfarms news, Director Brian Howlett sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of C$2.44, for a total value of C$73,200.00. Also, Director Benjamin J. Gagnon acquired 50,000 shares of the stock in a transaction on Friday, January 10th. The stock was bought at an average price of C$2.26 per share, with a total value of C$113,032.80. Insiders have acquired 102,760 shares of company stock valued at $236,450 over the last ninety days. 23.38% of the stock is owned by insiders.

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.