Bitfarms (TSE:BITF) Reaches New 12-Month Low – Here’s Why

Bitfarms Ltd. (TSE:BITF) shares hit a new 52-week low on Tuesday . The stock traded as low as C$1.44 and last traded at C$1.45, with a volume of 1597012 shares changing hands. The stock had previously closed at C$1.59.

Bitfarms Stock Performance

The company has a market capitalization of C$515.56 million, a PE ratio of -3.31 and a beta of 3.20. The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. The business’s fifty day moving average is C$1.96 and its two-hundred day moving average is C$2.48.

Insiders Place Their Bets

In other news, Senior Officer Philippe Fortier bought 25,000 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were acquired at an average cost of C$2.36 per share, with a total value of C$59,000.00. Also, Director Benjamin J. Gagnon purchased 50,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were purchased at an average price of C$2.26 per share, with a total value of C$113,032.80. In the last quarter, insiders acquired 102,760 shares of company stock valued at $236,450. Corporate insiders own 23.38% of the company’s stock.

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.