Bitfarms (TSE:BITF) Hits New 52-Week Low After Insider Selling

Shares of Bitfarms Ltd. (TSE:BITF) reached a new 52-week low during mid-day trading on Monday following insider selling activity. The stock traded as low as C$0.98 and last traded at C$1.07, with a volume of 2561043 shares trading hands. The stock had previously closed at C$1.07.

Specifically, Director Brian Howlett sold 32,001 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of C$1.16, for a total transaction of C$37,121.16.

Analysts Set New Price Targets

Separately, ATB Capital decreased their price objective on shares of Bitfarms from C$6.50 to C$3.75 and set an “outperform” rating on the stock in a research note on Friday, March 28th.

Bitfarms Price Performance

The business has a fifty day moving average price of C$1.69 and a 200 day moving average price of C$2.35. The company has a market cap of C$371.76 million, a price-to-earnings ratio of -2.39 and a beta of 3.20. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70.

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.