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

Bitfarms Ltd. (TSE:BITF) shares fell 5.9% during mid-day trading 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. 345,290 shares were traded during trading, a decline of 86% from the average session volume of 2,465,377 shares. The stock had previously closed at C$1.36.

Insider Activity at Bitfarms

In other Bitfarms news, Director Benjamin J. Gagnon bought 50,000 shares of the stock in a transaction on Friday, January 10th. The shares were purchased at an average cost of C$2.26 per share, with a total value of C$113,032.80. Over the last quarter, insiders have acquired 67,760 shares of company stock valued at $153,402. 23.38% of the stock is currently owned by corporate insiders.

Bitfarms Stock Performance

The firm has a fifty day simple moving average of C$1.83 and a 200 day simple moving average of C$2.42. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63. The company has a market cap of C$420.86 million, a price-to-earnings ratio of -2.70 and a beta of 3.20.

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.