Bitfarms (TSE:BITF) Shares Up 7.1%

Shares of Bitfarms Ltd. (TSE:BITF) shot up 7.1% during trading on Wednesday . The stock traded as high as C$2.74 and last traded at C$2.73. 1,343,326 shares changed hands during trading, a decline of 67% from the average session volume of 4,092,055 shares. The stock had previously closed at C$2.55.

Wall Street Analyst Weigh In

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

Bitfarms Stock Up 9.8 %

The stock has a market capitalization of C$1.05 billion, a P/E ratio of -5.02 and a beta of 3.33. The stock has a 50 day moving average price of C$2.73 and a 200-day moving average price of C$3.03. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.88 and a quick ratio of 0.63.

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.