Bitfarms (TSE:BITF) Shares Up 5% - Should You Buy?

Key Points

• Bitfarms Ltd. shares rose by 5%, closing at C$4.41 with a significant increase in trading volume, up 618% compared to the average.
• The company has a market cap of C$2.44 billion, a debt-to-equity ratio of 4.68, and a PE ratio of -27.56.
• Insiders, including Riot Platforms, Inc., sold nearly 462,000 shares in recent months, indicating insider trading activity within the company.

Bitfarms Ltd. (TSE:BITF - Get Free Report)'s stock price shot up 5% during trading on Thursday . The stock traded as high as C$4.96 and last traded at C$4.41. 20,013,752 shares were traded during trading, an increase of 618% from the average session volume of 2,788,017 shares. The stock had previously closed at C$4.20.

Bitfarms Stock Down 1.9%

The firm has a market cap of C$2.33 billion, a price-to-earnings ratio of -26.38 and a beta of 4.35. The business has a fifty day simple moving average of C$2.07 and a 200 day simple moving average of C$1.59. 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 related news, insider Riot Platforms, Inc. sold 280,825 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of C$1.58, for a total transaction of C$442,439.79. 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 value of C$215,100.00. Insiders have sold 506,995 shares of company stock valued at $935,086 in the last ninety days. Insiders own 23.38% of the company's stock.

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.