Bitfarms (TSE:BITF) Stock Price Down 0.7%

Shares of Bitfarms Ltd. (TSE:BITF) fell 0.7% during mid-day trading on Wednesday . The company traded as low as C$2.74 and last traded at C$2.75. 79,754 shares traded hands during trading, a decline of 98% from the average session volume of 3,812,447 shares. The stock had previously closed at C$2.77.

Analysts Set New Price Targets

Separately, ATB Capital boosted their price target on shares of Bitfarms from C$5.00 to C$7.50 and gave the company an “outperform” rating in a report on Wednesday, June 19th.

Bitfarms Price Performance

The stock’s fifty day moving average price is C$3.15 and its 200-day moving average price is C$3.09. The company has a debt-to-equity ratio of 3.35, a current ratio of 5.11 and a quick ratio of 0.63. The firm has a market cap of C$1.25 billion, a price-to-earnings ratio of -5.65 and a beta of 3.23.

Insider Activity

In other news, insider Riot Platforms, Inc. purchased 100,209 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were acquired at an average price of C$2.62 per share, for a total transaction of C$262,547.58. In related news, Senior Officer Benoit Gobeil sold 42,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of C$3.43, for a total transaction of C$145,775.00. Also, insider Riot Platforms, Inc. acquired 100,209 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were bought at an average cost of C$2.62 per share, for a total transaction of C$262,547.58. Insiders have bought 133,581 shares of company stock worth $339,316 over the last 90 days. 23.34% of the stock is owned by company insiders.

Bitfarms Company Profile

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.