Bitfarms (TSE:BITF) Hits New 1-Year Low – Should You Sell?

Bitfarms Ltd. (TSE:BITF)’s stock price reached a new 52-week low on Tuesday . The company traded as low as C$1.08 and last traded at C$1.16, with a volume of 815886 shares changing hands. The stock had previously closed at C$1.13.

Wall Street Analyst Weigh In

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

Bitfarms Stock Performance

The stock’s 50-day moving average is C$1.76 and its 200 day moving average is C$2.38. The stock has a market cap of C$406.84 million, a price-to-earnings ratio of -2.61 and a beta of 3.20. The company has a debt-to-equity ratio of 4.68, a current ratio of 3.70 and a quick ratio of 0.63.

Insider Activity

In other news, Director Benjamin J. Gagnon purchased 50,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were acquired at an average price of C$2.26 per share, with a total value of C$113,032.80. Insiders acquired 61,760 shares of company stock valued at $140,262 in the last three months. 23.38% of the stock is currently owned by company 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.