Bitfarms (TSE:BITF) Stock Price Up 0.4% - Here's What Happened

Bitfarms Ltd. (TSE:BITF) experienced a modest increase in its share price by 0.4% during trading on Friday. The stock reached a high of C$2.44 before settling at C$2.39. During this mid-day trading session, around 2,247,203 shares changed hands, which is 24% lower than the average daily volume of 2,974,914 shares. Prior to this, the stock had closed at C$2.38.

Wall Street Analysts Forecast Growth

In a recent report, ATB Capital downgraded its price target for Bitfarms from C$7.00 to C$6.50, indicating a cautious outlook.

Bitfarms Trading Performance

As of now, Bitfarms shows a fifty-day simple moving average of C$2.74 and a two-hundred-day simple moving average of C$2.93. The firm holds a market capitalization of C$1.15 billion and has a negative PE ratio of -5.06, complemented by a beta of 3.20. The company has a current ratio of 5.11, a quick ratio of 0.63, and a debt-to-equity ratio of 3.35.

Insider Activity at Bitfarms

In related news, Benjamin J. Gagnon, a director at the company, acquired 50,000 shares on January 10th at an average price of C$2.26 per share. This purchase totaled approximately C$113,032.80. Furthermore, Senior Officer Philippe Fortier purchased 25,000 shares on December 24th for an average of C$2.36 each, amounting to C$59,000. Over the past three months, insiders have bought a total of 102,760 shares worth C$236,450. Currently, company insiders own 23.38% of the stock.

About Bitfarms

Bitfarms Ltd. is engaged in cryptocurrency mining, operating across Canada, the United States, Paraguay, and Argentina. The firm manages server farms that validate transactions on the Bitcoin Blockchain, earning cryptocurrency through block rewards and transaction fees. Additionally, the company offers electrician services to both commercial and residential clients in Quebec, Canada.

Investment Considerations

Investors considering Bitfarms may want to assess its standing. While analysts maintain a "Buy" rating on the stock, there are alternative stocks recommended by top analysts that are currently seen as better investment opportunities.

Bitfarms, Stocks, Trading