Bitfarms (TSE:BITF) Shares Up 6.6%

Bitfarms Ltd. (TSE:BITF)’s stock price shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as C$3.89 and last traded at C$3.89. 915,889 shares were traded during mid-day trading, a decline of 78% from the average session volume of 4,194,528 shares. The stock had previously closed at C$3.65.

Wall Street Analysts Forecast Growth

Separately, ATB Capital raised their target price on Bitfarms from C$5.00 to C$7.50 and gave the stock an “outperform” rating in a research report on Wednesday, June 19th.

Bitfarms Trading Down 5.0 %

The company has a debt-to-equity ratio of 6.74, a quick ratio of 0.63 and a current ratio of 1.88. The stock has a market capitalization of C$1.36 billion, a PE ratio of -6.56 and a beta of 3.33. The stock has a 50-day moving average price of C$3.01 and a two-hundred day moving average price of C$3.30.

Insider Activity

In related news, insider Riot Platforms, Inc. acquired 52,600 shares of the stock in a transaction dated Tuesday, June 11th. The shares were purchased at an average cost of C$2.14 per share, with a total value of C$112,564.00. Insiders own 4.42% 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.