Bitfarms (TSE:BITF) Shares Up 10% – Should You Buy?

Bitfarms Ltd. (TSE:BITF)’s stock price traded up 10% during mid-day trading on Friday . The stock traded as high as C$2.85 and last traded at C$2.85. 4,556,685 shares were traded during trading, an increase of 23% from the average session volume of 3,692,368 shares. The stock had previously closed at C$2.59.

Bitfarms Trading Up 10.0 %

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 company has a fifty day moving average of C$2.82 and a 200-day moving average of C$3.02. The firm has a market capitalization of C$1.29 billion, a PE ratio of -5.82 and a beta of 3.20.

Insider Buying and Selling

In related news, insider Riot Platforms, Inc. bought 27,300 shares of the business’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of C$2.30 per share, for a total transaction of C$62,653.50. Over the last ninety days, insiders bought 136,949 shares of company stock worth $349,963. Corporate insiders own 23.34% of the company’s stock.

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.