ATB Capital Issues Pessimistic Forecast for Bitfarms (TSE:BITF) Stock Price

Bitfarms (TSE:BITF) had its price target lowered by equities research analysts at ATB Capital from C$7.00 to C$6.50 in a research note issued to investors on Thursday,BayStreet.CA reports. ATB Capital’s price target suggests a potential upside of 109.68% from the company’s previous close.

Bitfarms Price Performance

Shares of TSE:BITF traded down C$0.09 during trading on Thursday, hitting C$3.10. 3,625,067 shares of the company were exchanged, compared to its average volume of 3,790,319. Bitfarms has a 1-year low of C$1.37 and a 1-year high of C$5.25. The company has a market capitalization of C$1.40 billion, a P/E ratio of -6.20 and a beta of 3.20. The company has a quick ratio of 0.63, a current ratio of 5.11 and a debt-to-equity ratio of 3.35. The business’s 50 day moving average is C$2.79 and its 200-day moving average is C$3.06.

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.