Bitfarms (TSE:BITF) Stock Price Down 4.1% - Should You Sell?

Key Points

• Bitfarms Ltd. shares fell by 4.1%, closing at C$1.65, with trading volume down 81% compared to average daily volume.
• The company has a significant debt-to-equity ratio of 4.68 and a P/E ratio of -3.71, highlighting potential financial concerns.
• Insider activity reflects a lack of confidence, with Riot Platforms, Inc. selling 280,825 shares recently, totaling over $1.4 million in sales over the past ninety days.

Bitfarms Ltd. (TSE:BITF - Get Free Report)'s stock price traded down 4.1% during trading on Tuesday . The stock traded as low as C$1.62 and last traded at C$1.65. 405,220 shares changed hands during trading, a decline of 81% from the average session volume of 2,090,965 shares. The stock had previously closed at C$1.72.

Bitfarms Price Performance

The company has a market capitalization of C$620.77 million, a price-to-earnings ratio of -3.98 and a beta of 3.20. 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 company has a 50 day simple moving average of C$1.42 and a 200 day simple moving average of C$1.49.

Insider Buying and Selling at Bitfarms

In other news, insider Riot Platforms, Inc. sold 280,825 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of C$1.58, for a total value of C$442,439.79. Insiders sold a total of 1,100,437 shares of company stock valued at $1,422,407 over the last ninety days. 23.38% of the stock is owned by corporate 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.