Bitfarms (TSE:BITF) Hits New 52-Week Low – What’s Next?

Bitfarms Ltd. (TSE:BITF) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as C$1.54 and last traded at C$1.64, with a volume of 1287606 shares traded. The stock had previously closed at C$1.59.

Analysts Set New Price Targets

Separately, ATB Capital reduced their target price on Bitfarms from C$7.00 to C$6.50 in a report on Thursday, November 14th.

Bitfarms Price Performance

The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. The firm has a market cap of C$603.24 million, a P/E ratio of -3.87 and a beta of 3.20. The company has a fifty day moving average price of C$2.15 and a two-hundred day moving average price of C$2.62.

Insider Activity

In other Bitfarms news, Senior Officer Philippe Fortier acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were acquired at an average price of C$2.36 per share, for a total transaction of C$59,000.00. Also, Director Brian Howlett sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$2.44, for a total value of C$73,200.00. Insiders have acquired 102,760 shares of company stock worth $236,450 in the last 90 days. Corporate insiders own 23.38% of the company’s stock.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.