Bitfarms (TSE:BITF) Stock Price Down 15.2% - Should You Sell?

Key Points

• Bitfarms Ltd. shares fell by 15.2% to C$7.72, with trading volume significantly up at 6,812,879 shares, indicating heightened market activity.
• Insider sales included Paul Magrath selling 140,000 shares at C$5.51, marking a 92.82% decrease in their ownership, while overall insider sales in the last quarter totaled $1,775,786.
• Bitfarms operates 10 mining farms across four countries—Canada, the U.S., Paraguay, and Argentina—and has a market capitalization of C$4.27 billion.

Bitfarms Ltd. (TSE:BITF - )'s share price was down 15.2% on Thursday . The company traded as low as C$7.40 and last traded at C$7.72. Approximately 6,812,879 shares changed hands during mid-day trading, an increase of 86% from the average daily volume of 3,653,634 shares. The stock had previously closed at C$9.10.

Bitfarms Price Performance

The business's 50 day moving average is C$3.22 and its two-hundred day moving average is C$1.99. The firm has a market capitalization of C$4.27 billion, a PE ratio of -48.25 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.

Insider Activity at Bitfarms

In other Bitfarms news, insider Paul Magrath sold 140,000 shares of the business's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of C$5.51, for a total value of C$771,400.00. Following the completion of the sale, the insider directly owned 10,822 shares of the company's stock, valued at C$59,629.22. The trade was a 92.82% decrease in their ownership of the stock. Also, insider Marc-Andr� Ammann sold 70,000 shares of the business's stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of C$5.20, for a total transaction of C$364,000.00. Over the last quarter, insiders sold 352,506 shares of company stock valued at $1,775,786. 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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