Bitfarms (TSE:BITF) Shares Down 10.8% – Here’s Why

Bitfarms Ltd. (TSE:BITF) fell 10.8% on Wednesday . The stock traded as low as C$2.82 and last traded at C$2.82. 1,595,190 shares were traded during mid-day trading, a decline of 64% from the average session volume of 4,397,708 shares. The stock had previously closed at C$3.16.

Bitfarms Price Performance

The stock’s 50-day moving average price is C$3.80 and its 200 day moving average price is C$3.68. The company has a quick ratio of 0.63, a current ratio of 3.70 and a debt-to-equity ratio of 4.68. The firm has a market capitalization of C$1.60 billion, a price-to-earnings ratio of -11.65 and a beta of 4.13.

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

Insiders Place Their Bets

In other news, Director Brian Howlett sold 88,239 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of C$4.30, for a total value of C$379,427.70. Following the completion of the sale, the director owned 144,946 shares of the company’s stock, valued at C$623,267.80. This represents a 37.84% decrease in their position. 23.38% of the stock is 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.