Bitfarms (TSE:BITF) Sets New 52-Week Low – What’s Next?

Shares of Bitfarms Ltd. (TSE:BITF) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as C$1.44 and last traded at C$1.45, with a volume of 1597012 shares changing hands. The stock had previously closed at C$1.59.

Bitfarms Price Performance

The stock has a market cap of C$505.04 million, a price-to-earnings ratio of -3.24 and a beta of 3.20. The company has a 50-day moving average of C$1.99 and a 200-day moving average of C$2.50. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70.

Insider Activity

In other news, Director Brian Howlett sold 30,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of C$2.44, for a total transaction of C$73,200.00. Also, Senior Officer Philippe Fortier bought 25,000 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were acquired at an average price of C$2.36 per share, for a total transaction of C$59,000.00. Over the last 90 days, insiders have purchased 102,760 shares of company stock valued at $236,450. Company 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.