Bitfarms (TSE:BITF) Stock Price Down 2.1% – What’s Next?

Bitfarms Ltd. (TSE:BITF) dropped 2.1% during mid-day trading on Friday . The company traded as low as C$1.37 and last traded at C$1.40. Approximately 157,009 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,996,054 shares. The stock had previously closed at C$1.43.

Wall Street Analysts Forecast Growth

Separately, ATB Capital reduced their price target on shares of Bitfarms from C$6.50 to C$3.75 and set an “outperform” rating on the stock in a report on Friday, March 28th.

Bitfarms Stock Performance

The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. The business’s 50 day moving average is C$1.32 and its 200 day moving average is C$1.63. The stock has a market capitalization of C$483.99 million, a PE ratio of -3.11 and a beta of 3.20.

Insider Activity

In other Bitfarms news, insider Riot Platforms, Inc. sold 450,496 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of C$1.11, for a total value of C$499,915.41. Also, Senior Officer Jeffrey Lucas sold 88,178 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of C$1.09, for a total transaction of C$96,114.02. Over the last three months, insiders sold 740,408 shares of company stock valued at $820,419. 23.38% of the stock is owned by corporate insiders.

Bitfarms Company Profile

Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Companyâ¿¿s proprietary data analytics system delivers best-in-class operational performance and uptime.Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.