Bitfarms (TSE:BITF) Hits New 52-Week Low – Time to Sell?

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

Bitfarms Price Performance

The firm has a 50 day moving average price of C$1.96 and a 200 day moving average price of C$2.48. The stock 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.

Insiders Place Their Bets

In other news, Director Benjamin J. Gagnon purchased 50,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was acquired at an average cost of C$2.26 per share, for a total transaction of C$113,032.80. Also, Senior Officer Philippe Fortier acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were purchased at an average price of C$2.36 per share, for a total transaction of C$59,000.00. Insiders purchased a total of 102,760 shares of company stock worth $236,450 over the last quarter. 23.38% of the stock is currently owned by corporate insiders.

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.