Bitfarms (TSE:BITF) Shares Up 18.1% - Should You Buy?

Key Points

• Bitfarms Ltd. saw an 18.1% increase in stock price, with shares trading at C$2.09, following a significant rise in trading volume by 205% from the average.
• The company has a market cap of C$1.20 billion and a high debt-to-equity ratio of 4.68, indicating potential risks in its financial structure.
• Insiders sold over 1.1 million shares worth approximately C$1.43 million in the past ninety days, raising questions about internal confidence in the company's performance.

Bitfarms Ltd. (TSE:BITF - Get Free Report) rose 18.1% on Tuesday . The stock traded as high as C$2.10 and last traded at C$2.09. Approximately 6,792,556 shares changed hands during trading, an increase of 205% from the average daily volume of 2,229,706 shares. The stock had previously closed at C$1.77.

Bitfarms Trading Up 10.7%

The firm has a fifty day simple moving average of C$1.76 and a two-hundred day simple moving average of C$1.49. The firm has a market capitalization of C$1.71 billion, a P/E ratio of -19.38 and a beta of 4.35. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63.

Insiders Place Their Bets

In other Bitfarms news, insider Riot Platforms, Inc. sold 450,496 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of C$1.11, for a total transaction of C$499,915.41. Insiders sold 1,098,984 shares of company stock worth $1,425,715 over the last three months. 23.38% of the stock is currently 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.