Bitfarms (TSE:BITF) Trading 0.4% Higher – Should You Buy?

Shares of Bitfarms Ltd. (TSE:BITF) traded up 0.4% on Friday . The company traded as high as C$2.44 and last traded at C$2.39. 2,247,203 shares traded hands during trading, a decline of 24% from the average session volume of 2,974,914 shares. The stock had previously closed at C$2.38.

Analysts Set New Price Targets

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

Bitfarms Price Performance

The company has a market capitalization of C$1.11 billion, a price-to-earnings ratio of -4.90 and a beta of 3.20. The stock has a fifty day simple moving average of C$2.73 and a 200-day simple moving average of C$2.92. The company has a debt-to-equity ratio of 3.35, a current ratio of 5.11 and a quick ratio of 0.63.

Insider Buying and Selling at Bitfarms

In other Bitfarms news, Director Benjamin J. Gagnon bought 50,000 shares of Bitfarms stock in a transaction dated Friday, January 10th. The stock was acquired at an average cost of C$2.26 per share, with a total value of C$113,032.80. Also, Director Brian Howlett sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of C$2.44, for a total value of C$73,200.00. Over the last ninety days, insiders purchased 102,760 shares of company stock valued at $236,450. 23.38% of the stock is owned by company insiders.

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.