Bitfarms (TSE:BITF) Shares Up 1.4% - Here's Why

Bitfarms Ltd. (TSE:BITF - Get Free Report)'s stock price shot up 1.4% during mid-day trading on Monday . The company traded as high as C$1.58 and last traded at C$1.48. 2,386,505 shares were traded during trading, an increase of 21% from the average session volume of 1,976,753 shares. The stock had previously closed at C$1.46.

Wall Street Analyst Weigh In

Separately, ATB Capital dropped their target price on Bitfarms from C$6.50 to C$3.75 and set an "outperform" rating for the company in a research report on Friday, March 28th.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63. The stock has a 50 day simple moving average of C$1.32 and a two-hundred day simple moving average of C$1.59. The company has a market cap of C$519.07 million, a PE ratio of -3.33 and a beta of 3.20.

Insiders Place Their Bets

In other Bitfarms news, insider Riot Platforms, Inc. sold 99,409 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of C$1.58, for a total value of C$156,618.88. Insiders sold a total of 819,012 shares of company stock valued at $979,091 in the last three months. 23.38% of the stock is currently owned by insiders.

About Bitfarms

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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