Bitfarms (TSE:BITF) Trading 5.3% Higher - Here's Why

Key Points

• Bitfarms Ltd. shares increased by 5.3% in trading on Thursday, reaching a high of C$4.29 before closing at C$4.20, with trading volume spiking to 21 million shares.
• The company has a market capitalization of C$2.59 billion, a significant debt-to-equity ratio of 4.68, and a current ratio of 3.70, which suggests a solid liquidity position.
• Insider activity showed that Riot Platforms, Inc. sold 280,825 shares at C$1.58, contributing to a total insider sale of 912,491 shares valued at over C$1.2 million in the last quarter.

Bitfarms Ltd. (TSE:BITF - Get Free Report) traded up 5.3% during trading on Thursday . The company traded as high as C$4.29 and last traded at C$4.20. 21,013,702 shares were traded during mid-day trading, an increase of 681% from the average session volume of 2,691,784 shares. The stock had previously closed at C$3.99.

Bitfarms Price Performance

The business has a 50-day simple moving average of C$2.02 and a 200 day simple moving average of C$1.57. The stock has a market cap of C$2.33 billion, a P/E ratio of -26.38 and a beta of 4.35. The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68.

Insider Transactions at Bitfarms

In related news, insider Riot Platforms, Inc. sold 280,825 shares of Bitfarms stock in a transaction on Monday, July 14th. The shares were sold at an average price of C$1.58, for a total transaction of C$442,439.79. Also, insider Marieve Rodrigue sold 45,000 shares of Bitfarms stock in a transaction 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 sold a total of 506,995 shares of company stock worth $935,086 in the last quarter. Corporate 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.