Bitfarms (TSE:BITF) Stock Price Up 10.5% – Should You Buy?

Bitfarms Ltd. (TSE:BITF)’s stock price rose 10.5% on Friday . The company traded as high as C$3.64 and last traded at C$3.57. Approximately 4,436,675 shares traded hands during trading, an increase of 1% from the average daily volume of 4,406,232 shares. The stock had previously closed at C$3.23.

Bitfarms Stock Performance

The stock’s 50-day moving average price is C$4.23 and its 200-day moving average price is C$3.27. The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68. The company has a market capitalization of C$2.13 billion, a P/E ratio of -15.52 and a beta of 6.02.

Bitfarms (TSE:BITF) last announced its quarterly earnings data on Thursday, November 13th. The company reported C($0.15) earnings per share for the quarter. Bitfarms had a negative net margin of 69.20% and a negative return on equity of 30.76%. The business had revenue of C$96.42 million for the quarter. As a group, equities analysts expect that Bitfarms Ltd. will post 0.0339165 EPS for the current year.

Insider Activity

In other news, insider Guillaume Reeves sold 35,000 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of C$5.24, for a total transaction of C$183,400.00. Also, insider Paul Magrath sold 140,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of C$5.51, for a total value of C$771,400.00. Following the completion of the sale, the insider directly owned 10,822 shares in the company, valued at approximately C$59,629.22. This trade represents a 92.82% decrease in their position. Over the last ninety days, insiders sold 245,000 shares of company stock valued at $1,318,800. 23.38% of the stock is currently owned by insiders.

Bitfarms Company Profile

Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Companyâ¿¿s proprietary data analytics system delivers best-in-class operational performance and uptime.Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.