Bitfarms (TSE:BITF) Trading 41% Higher - Should You Buy?

Key Points

• Bitfarms Ltd. shares surged by 41%, reaching a high of C$8.69 during trading, reflecting a significant increase in trading volume at 26,162,535 shares.
• The company holds a market cap of C$4.56 billion with a P/E ratio of -51.63 and a debt-to-equity ratio of 4.68, indicating high financial leverage.
• Insiders sold a total of 352,506 shares worth approximately $1.78 million in the past ninety days, while 23.38% of the company's stock is owned by corporate insiders.

Bitfarms Ltd. (TSE:BITF - ) shares traded up 41% during trading on Tuesday . The stock traded as high as C$8.69 and last traded at C$8.26. 26,162,535 shares traded hands during mid-day trading, an increase of 640% from the average session volume of 3,535,130 shares. The stock had previously closed at C$5.86.

Bitfarms Stock Performance

The company has a market cap of C$4.56 billion, a P/E ratio of -51.63 and a beta of 5.12. The company has a quick ratio of 0.63, a current ratio of 3.70 and a debt-to-equity ratio of 4.68. The business has a fifty day simple moving average of C$3.07 and a two-hundred day simple moving average of C$1.95.

Insider Buying and Selling at Bitfarms

In related news, insider Marc-Andr� Ammann sold 70,000 shares of the business's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of C$5.20, for a total transaction of C$364,000.00. Also, insider Marieve Rodrigue sold 45,000 shares of the company's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of C$4.78, for a total transaction of C$215,100.00. In the last ninety days, insiders sold 352,506 shares of company stock worth $1,775,786. 23.38% of the stock is owned by corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.