Bitfarms (TSE:BITF) Shares Up 3.1% - Still a Buy?

Key Points

• Bitfarms Ltd. stock price increased by 3.1% on Tuesday, reaching a high of C$1.70 before closing at C$1.67, with trading volume rising by 19% compared to the average.
• The company has a debt-to-equity ratio of 4.68 and insiders have sold over 1.1 million shares in the last ninety days, indicating significant trading activity.
• Bitfarms operates 10 mining farms across four countries, focusing on vertically integrated operations and leveraging proprietary data analytics for optimal performance.

Bitfarms Ltd. (TSE:BITF - Get Free Report) shares shot up 3.1% on Tuesday . The company traded as high as C$1.70 and last traded at C$1.67. 2,458,560 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 2,064,198 shares. The stock had previously closed at C$1.62.

Bitfarms Stock Down 3.9%

The stock's 50 day simple moving average is C$1.39 and its two-hundred day simple moving average is C$1.51. The firm has a market cap of C$599.73 million, a P/E ratio of -3.85 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 Activity

In related news, insider Riot Platforms, Inc. sold 450,496 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of C$1.11, for a total transaction of C$499,915.41. Insiders have sold 1,100,437 shares of company stock worth $1,422,407 in the last ninety days. 23.38% of the stock is currently owned by company insiders.

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.