ATB Capital Has Lowered Expectations for Bitfarms (TSE:BITF) Stock Price

Bitfarms (TSE:BITF) had its target price reduced by stock analysts at ATB Capital from C$6.50 to C$3.75 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. ATB Capital’s target price points to a potential upside of 212.50% from the company’s previous close.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at C$1.20 on Friday. The company has a 50 day moving average price of C$1.83 and a 200 day moving average price of C$2.42. 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 quick ratio of 0.63, a current ratio of 3.70 and a debt-to-equity ratio of 4.68. Bitfarms has a 52 week low of C$1.18 and a 52 week high of C$4.49.

Insiders Place Their Bets

In other news, Director Benjamin J. Gagnon acquired 50,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were acquired at an average cost of C$2.26 per share, with a total value of C$113,032.80. Over the last quarter, insiders purchased 67,760 shares of company stock valued at $153,402. 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.