Bitfarms (TSE:BITF) Trading 6.6% Higher

Bitfarms Ltd. (TSE:BITF)’s share price shot up 6.6% on Tuesday . The stock traded as high as C$3.89 and last traded at C$3.89. 915,889 shares changed hands during trading, a decline of 78% from the average session volume of 4,194,528 shares. The stock had previously closed at C$3.65.

Analysts Set New Price Targets

Separately, ATB Capital increased their price objective on shares of Bitfarms from C$5.00 to C$7.50 and gave the company an “outperform” rating in a report on Wednesday, June 19th.

Bitfarms Trading Up 6.6 %

The company has a market cap of C$1.46 billion, a PE ratio of -6.98 and a beta of 3.33. The company has a debt-to-equity ratio of 6.74, a quick ratio of 0.63 and a current ratio of 1.88. The company has a 50 day simple moving average of C$2.96 and a two-hundred day simple moving average of C$3.30.

Insider Buying and Selling at Bitfarms

In other Bitfarms news, insider Riot Platforms, Inc. purchased 52,600 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was bought at an average cost of C$2.14 per share, for a total transaction of C$112,564.00. Corporate insiders own 4.42% 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.