Bitfarms (TSE:BITF) Trading Up 18.1% - Here's Why

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 - ) was up 18.1% during trading 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 mid-day 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 Stock Performance

The company has a market cap of C$1.20 billion, a PE ratio of -13.63 and a beta of 4.35. The firm's fifty day moving average is C$1.65 and its 200 day moving average is C$1.46. 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 Buying and Selling

In related news, insider Riot Platforms, Inc. sold 280,825 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of C$1.58, for a total value of C$442,439.79. Over the last ninety days, insiders have sold 1,104,494 shares of company stock valued at $1,432,709. 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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