Bitfarms (TSE:BITF) Trading Down 4.7%

Bitfarms Ltd. (TSE:BITF)’s share price fell 4.7% during mid-day trading on Friday . The company traded as low as C$3.98 and last traded at C$4.07. 357,436 shares were traded during mid-day trading, a decline of 91% from the average session volume of 4,191,484 shares. The stock had previously closed at C$4.27.

Wall Street Analysts Forecast Growth

Separately, ATB Capital boosted their target price on shares of Bitfarms from C$5.00 to C$7.50 and gave the company an “outperform” rating in a research report on Wednesday.

Bitfarms Stock Performance

The company has a market cap of C$1.52 billion, a P/E ratio of -7.36 and a beta of 3.33. The stock’s 50-day moving average price is C$2.93 and its 200-day moving average price is C$3.29. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.88 and a quick ratio of 0.63.

Insider Activity at Bitfarms

In related news, insider Riot Platforms, Inc. purchased 52,600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was acquired at an average price of C$2.14 per share, with a total value of C$112,564.00. 4.42% of the stock is owned by insiders.

About Bitfarms

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.