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

Bitfarms Ltd. (TSE:BITF)’s stock price fell 5.9% during 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 related news, Director Benjamin J. Gagnon acquired 50,000 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was bought at an average cost of C$2.26 per share, with a total value of C$113,032.80. Over the last 90 days, insiders acquired 67,760 shares of company stock valued at $153,402. Insiders own 23.38% of the company’s stock.

Bitfarms Stock Down 11.8 %

The stock has a market cap of C$420.86 million, a P/E ratio of -2.70 and a beta of 3.20. The stock’s fifty day simple moving average is C$1.83 and its 200-day simple moving average is 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.

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.