Bitfarms (TSE:BITF) Shares Down 11.1% - Time to Sell?

Key Points

• Bitfarms Ltd. shares dropped 11.1% in mid-day trading, closing at C$5.61 after hitting a low of C$5.57, with trading volume up 88% compared to the average.
• The company has a market capitalization of C$2.93 billion and significant insider selling activity, including sales totaling over C$1.7 million in the past 90 days.
• Bitfarms operates 10 mining farms across Canada, the U.S., Paraguay, and Argentina, focusing on Bitcoin mining with vertically integrated operations.

Bitfarms Ltd. (TSE:BITF - )'s share price fell 11.1% during mid-day trading on Wednesday . The stock traded as low as C$5.57 and last traded at C$5.61. 7,346,249 shares traded hands during trading, an increase of 88% from the average session volume of 3,898,645 shares. The stock had previously closed at C$6.31.

Bitfarms Stock Down 15.8%

The firm has a market capitalization of C$2.93 billion, a P/E ratio of -33.19 and a beta of 5.12. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70. The business's fifty day moving average price is C$3.64 and its two-hundred day moving average price is C$2.16.

Insider Activity at Bitfarms

In related news, insider Guillaume Reeves sold 35,000 shares of Bitfarms stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of C$5.24, for a total value of C$183,400.00. Also, insider Marieve Rodrigue sold 45,000 shares of Bitfarms stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of C$4.78, for a total transaction of C$215,100.00. Insiders have sold 352,506 shares of company stock valued at $1,775,786 over the last 90 days. Company insiders own 23.38% of the company's stock.

Bitfarms Company Profile

Bitfarms is a global, publicly traded NASDAQ/TSX: BITF Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Companyâ¿¿s proprietary data analytics system delivers best-in-class operational performance and uptime.Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.

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