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

Bitfarms Ltd. (TSE:BITF - Get Free Report) hit a new 52-week low during trading on Monday . The company traded as low as C$2.01 and last traded at C$2.03, with a volume of 3998807 shares changing hands. The stock had previously closed at C$2.33.

Wall Street Analysts Forecast Growth

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

Bitfarms Stock Down 15.0 %

The stock has a market capitalization of C$896.66 million, a price-to-earnings ratio of -3.96 and a beta of 3.20. The business has a 50-day moving average of C$2.63 and a 200-day moving average of C$2.88. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.63 and a current ratio of 5.11.

Insiders Place Their Bets

In other Bitfarms news, Director Benjamin J. Gagnon purchased 50,000 shares of Bitfarms stock in a transaction dated Friday, January 10th. The shares were acquired at an average price of C$2.26 per share, with a total value of C$113,032.80. Also, Director Brian Howlett sold 30,000 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of C$2.44, for a total transaction of C$73,200.00. Insiders purchased a total of 102,760 shares of company stock valued at $236,450 over the last 90 days. 23.38% of the stock is owned by company 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.

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