Bitfarms (TSE:BITF) Sets New 12-Month Low – Here’s Why

Bitfarms Ltd. (TSE:BITF)’s share price reached a new 52-week low during trading on Monday . The company traded as low as C$1.91 and last traded at C$2.06, with a volume of 1918199 shares. The stock had previously closed at C$2.12.

Analysts Set New Price Targets

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

Bitfarms Trading Down 1.9 %

The company has a market cap of C$941.95 million, a P/E ratio of -4.16 and a beta of 3.20. The company has a current ratio of 5.11, a quick ratio of 0.63 and a debt-to-equity ratio of 3.35. The business has a 50 day moving average price of C$2.53 and a 200-day moving average price of C$2.82.

Insiders Place Their Bets

In related news, Director Brian Howlett sold 30,000 shares of the stock in a transaction 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. Also, Senior Officer Philippe Fortier purchased 25,000 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were acquired at an average cost of C$2.36 per share, with a total value of C$59,000.00. Over the last three months, insiders have bought 102,760 shares of company stock valued at $236,450. 23.38% of the stock is currently owned by corporate 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.