Bitfarms (TSE:BITF) Stock Price Up 10.5% – Should You Buy?

Bitfarms Ltd. (TSE:BITF)’s stock price rose 10.5% during trading on Friday . The stock traded as high as C$3.64 and last traded at C$3.57. Approximately 4,436,675 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 4,406,232 shares. The stock had previously closed at C$3.23.

Bitfarms Trading Up 10.5%

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 has a 50 day simple moving average of C$4.23 and a two-hundred day simple moving average of C$3.27. The stock has a market cap of C$2.13 billion, a price-to-earnings ratio of -15.52 and a beta of 6.02.

Bitfarms (TSE:BITF) last announced its earnings results on Thursday, November 13th. The company reported C($0.15) earnings per share (EPS) for the quarter. The business had revenue of C$96.42 million during the quarter. Bitfarms had a negative net margin of 69.20% and a negative return on equity of 30.76%. As a group, equities analysts anticipate that Bitfarms Ltd. will post 0.0339165 EPS for the current year.

Insider Activity at Bitfarms

In other Bitfarms news, insider Guillaume Reeves sold 35,000 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of C$5.24, for a total transaction of C$183,400.00. Also, insider Paul Magrath sold 140,000 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 10,822 shares of the company’s stock, valued at approximately C$59,629.22. This represents a 92.82% decrease in their ownership of the stock. Insiders have sold 245,000 shares of company stock valued at $1,318,800 over the last ninety days. Corporate insiders own 23.38% of the company’s stock.

About Bitfarms

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.