Bitfarms (TSE:BITF) Trading Up 10.5% – Time to Buy?

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

Bitfarms Stock Up 10.5%

The business has a 50-day moving average price of C$4.23 and a 200-day moving average price of C$3.28. The stock has a market cap of C$2.13 billion, a PE ratio of -15.52 and a beta of 6.02. The company has a current ratio of 3.70, a quick ratio of 0.63 and a debt-to-equity ratio of 4.68.

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

Insider Buying and Selling

In other Bitfarms news, insider Marc-Andr� Ammann sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of C$5.20, for a total transaction of C$364,000.00. Also, insider Paul Magrath sold 140,000 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of C$5.51, for a total value of C$771,400.00. Following the transaction, the insider directly owned 10,822 shares of the company’s stock, valued at C$59,629.22. The trade was a 92.82% decrease in their position. Insiders sold a total of 245,000 shares of company stock worth $1,318,800 in the last 90 days. Insiders own 23.38% of the company’s stock.

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.