Bitfarms (TSE:BITF) Hits New 1-Year Low After Insider Selling

Shares of Bitfarms Ltd. (TSE:BITF) hit a new 52-week low on Monday after an insider sold shares in the company. The stock traded as low as C$0.98 and last traded at C$1.07, with a volume of 2561043 shares. The stock had previously closed at C$1.07.

Specifically, Director Brian Howlett sold 32,001 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of C$1.16, for a total transaction of C$37,121.16.

Wall Street Analyst Weigh In

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

Bitfarms Stock Performance

The firm has a market cap of C$343.71 million, a price-to-earnings ratio of -2.21 and a beta of 3.20. The firm’s 50 day moving average is C$1.65 and its 200-day moving average is C$2.32. The company has a debt-to-equity ratio of 4.68, a quick ratio of 0.63 and a current ratio of 3.70.

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.