Bitfarms (TSE:BITF) Trading 6.7% Higher

Shares of Bitfarms Ltd. (TSE:BITF) shot up 6.7% on Friday . The stock traded as high as C$3.81 and last traded at C$3.80. 288,582 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 4,083,067 shares. The stock had previously closed at C$3.56.

Wall Street Analyst Weigh In

Separately, ATB Capital lifted their price objective on 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 6.5 %

The company has a debt-to-equity ratio of 6.74, a current ratio of 1.88 and a quick ratio of 0.63. The stock has a market cap of C$1.42 billion, a price-to-earnings ratio of -6.91 and a beta of 3.33. The company’s fifty day moving average price is C$3.45 and its 200-day moving average price is C$3.27.

Insider Activity

In related news, Senior Officer Benoit Gobeil sold 42,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of C$3.43, for a total value of C$145,775.00. In other news, insider Riot Platforms, Inc. bought 52,600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average price of C$2.14 per share, for a total transaction of C$112,564.00. Also, Senior Officer Benoit Gobeil sold 42,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of C$3.43, for a total value of C$145,775.00. Insiders have purchased a total of 54,432 shares of company stock worth $117,100 over the last 90 days. 4.42% of the stock is currently owned by corporate insiders.

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.