Bitfarms (TSE:BITF) Trading Up 6.5% – Time to Buy?

Bitfarms Ltd. (TSE:BITF)’s stock price was up 6.5% during trading on Wednesday . The company traded as high as C$5.78 and last traded at C$5.75. Approximately 5,811,891 shares were traded during trading, an increase of 40% from the average daily volume of 4,138,754 shares. The stock had previously closed at C$5.40.

Bitfarms Trading Up 6.5%

The business has a fifty day simple moving average of C$4.53 and a 200 day simple moving average of C$2.53. The stock has a market cap of C$3.18 billion, a price-to-earnings ratio of -35.94 and a beta of 5.44. 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 Buying and Selling

In related news, insider Marieve Rodrigue sold 45,000 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of C$4.78, for a total transaction of C$215,100.00. Also, insider Paul Magrath sold 140,000 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of C$5.51, for a total transaction of C$771,400.00. Following the sale, the insider directly owned 10,822 shares in the company, valued at C$59,629.22. This represents a 92.82% decrease in their ownership of the stock. Insiders sold 352,506 shares of company stock worth $1,775,786 in the last ninety days. 23.38% of the stock is currently owned by 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.