Bitfarms (TSE:BITF) Hits New 1-Year Low – Here’s What Happened

Bitfarms Ltd. (TSE:BITF)’s share price reached a new 52-week low on Wednesday . The stock traded as low as C$1.41 and last traded at C$1.40, with a volume of 2141436 shares traded. The stock had previously closed at C$1.53.

Wall Street Analyst Weigh In

Separately, ATB Capital reduced their price objective on shares of Bitfarms from C$6.50 to C$3.75 and set an “outperform” rating for the company in a research report on Friday.

Bitfarms Stock Down 11.8 %

The firm has a market capitalization of C$420.86 million, a P/E ratio of -2.70 and a beta of 3.20. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63. The stock has a fifty day moving average of C$1.86 and a 200 day moving average of C$2.43.

Insider Buying and Selling

In other news, Director Benjamin J. Gagnon acquired 50,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were acquired at an average cost of C$2.26 per share, for a total transaction of C$113,032.80. Over the last 90 days, insiders purchased 67,760 shares of company stock worth $153,402. Insiders own 23.38% of the company’s stock.

Bitfarms Company Profile

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.