Bitfarms (TSE:BITF) Shares Down 5.9% After Analyst Downgrade

Bitfarms Ltd. (TSE:BITF)’s stock price was down 5.9% on Friday after ATB Capital lowered their price target on the stock from C$6.50 to C$3.75. ATB Capital currently has an outperform rating on the stock. Bitfarms traded as low as C$1.26 and last traded at C$1.28. Approximately 345,290 shares traded hands during trading, a decline of 86% from the average daily volume of 2,465,377 shares. The stock had previously closed at C$1.36.

Insider Transactions at Bitfarms

In other news, Director Benjamin J. Gagnon bought 50,000 shares of the company’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. Insiders purchased a total of 67,760 shares of company stock valued at $153,402 in the last three months. 23.38% of the stock is currently owned by corporate insiders.

Bitfarms Stock Down 11.8 %

The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70. The stock has a market cap of C$420.86 million, a price-to-earnings ratio of -2.70 and a beta of 3.20. The business’s 50 day moving average is C$1.83 and its 200 day moving average is C$2.42.

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.