Bitfarms (TSE:BITF) Shares Down 2.2%

Bitfarms Ltd. (TSE:BITF) shares dropped 2.2% during trading on Friday . The company traded as low as C$2.65 and last traded at C$2.68. Approximately 1,171,222 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 4,488,693 shares. The stock had previously closed at C$2.74.

Wall Street Analysts Forecast Growth

Separately, ATB Capital set a C$6.50 price objective on Bitfarms and gave the stock an “outperform” rating in a report on Monday, April 1st.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 6.74, a quick ratio of 0.63 and a current ratio of 1.88. The stock has a market capitalization of C$895.52 million, a P/E ratio of -4.96 and a beta of 3.40. The stock has a 50 day moving average of C$3.25 and a 200 day moving average of C$2.90.

About Bitfarms

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.