Bitfarms (TSE:BITF) Posts Earnings Results

Bitfarms (TSE:BITF) announced its earnings results on Tuesday. The company reported C($0.34) earnings per share (EPS) for the quarter, reports. Bitfarms had a negative return on equity of 20.47% and a negative net margin of 48.26%.The business had revenue of C$68.89 million for the quarter.

Bitfarms Price Performance

Shares of BITF traded down C$0.09 during trading hours on Thursday, reaching C$2.64. 558,677 shares of the company traded hands, compared to its average volume of 4,307,662. The company has a quick ratio of 0.63, a current ratio of 3.20 and a debt-to-equity ratio of 12.05. The stock has a market capitalization of C$1.59 billion, a PE ratio of -11.48 and a beta of 3.64. Bitfarms has a fifty-two week low of C$0.96 and a fifty-two week high of C$9.27. The stock has a fifty day simple moving average of C$3.02 and a 200 day simple moving average of C$3.98.

Insiders Place Their Bets

In other Bitfarms news, Director Brian Howlett sold 88,239 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 144,946 shares in the company, valued at approximately C$623,267.80. This represents a 37.84% decrease in their position. Insiders own 23.38% of the company’s stock.

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.