Bitfarms (TSE:BITF) Shares Up 4% - Should You Buy?

Bitfarms Ltd. (TSE:BITF - Get Free Report)'s share price traded up 4% on Monday . The stock traded as high as C$1.60 and last traded at C$1.55. 2,201,152 shares were traded during trading, a decline of 2% from the average session volume of 2,236,869 shares. The stock had previously closed at C$1.49.

Analysts Set New Price Targets

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

Bitfarms Stock Down 2.0%

The firm has a 50 day simple moving average of C$1.35 and a two-hundred day simple moving average of C$2.07. 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 stock has a market cap of C$526.08 million, a P/E ratio of -3.38 and a beta of 3.20.

Insider Buying and Selling at Bitfarms

In other news, Senior Officer Jeffrey Lucas sold 88,178 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of C$1.09, for a total value of C$96,114.02. Also, Director Brian Howlett sold 32,001 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of C$1.16, for a total value of C$37,121.16. 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.