Bitfarms (TSE:BITF) Trading Up 3.5% – Here’s Why

Bitfarms Ltd. (TSE:BITF) shares shot up 3.5% during mid-day trading on Thursday . The company traded as high as C$3.29 and last traded at C$3.28. 3,134,541 shares changed hands during trading, a decline of 29% from the average session volume of 4,412,255 shares. The stock had previously closed at C$3.17.

Bitfarms Trading Down 6.7%

The stock has a market cap of C$1.84 billion, a P/E ratio of -13.30 and a beta of 3.64. The stock’s 50-day moving average is C$3.21 and its two-hundred day moving average is C$3.93. The company has a debt-to-equity ratio of 12.05, a current ratio of 3.20 and a quick ratio of 0.63.

Insider Buying and Selling at Bitfarms

In other news, Director Brian Howlett sold 88,239 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of C$4.30, for a total transaction of C$379,427.70. Following the completion of the transaction, the director owned 144,946 shares in the company, valued at C$623,267.80. This trade represents a 37.84% decrease in their ownership of the stock. 23.38% of the stock is currently owned by insiders.

About Bitfarms

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.