Worldwide Bitcoin self-mining firm Bitfarms Ltd (NASDAQ:BITF) has seen its stock go through a steady selloff over the course of the past week and has decline by as much as 5% during the period. While the decline in the stock may be significant, it ought to be noted that the company was in the news yesterday after it made a major announcement.
Trading Data
On Monday, BITF stock moved down 1% to $3.86 with 6.06 million shares, compared to its average volume of 7.76 million shares. The stock moved within a range of $3.7900 – 4.1800 after opening trade at $4.10.
Bitfarms Expands Management Team to Support Growth
Bitfarms is looking to continue on its growth path and announced yesterday that it completed the hiring of a trio of executives for the same purpose. It was a significant announcement considering the fact that Bitfarms reiterated its commitment to growth as well.
The President and Chief Operating Officer of Bitfarms Geoff Murphy spoke about the matter as well. He stated that the company was looking to bring about rapid growth and Bitfarms was going to pursue that goal through organic growth as well as through strategic acquisitions.
He went on to state that in order to bring about such growth, Bitfarms decided to further bolster its management team. It is now going to be interesting to see if such a bullish announcement from the company leads to any significant move in the stock or not.
Key Quote
“Bitfarms is driving dynamic and rapid expansion, which we expect to continue to occur both organically and through acquisitions. To support our growth, we have strengthened our management team,” said Geoff Morphy, President and COO of Bitfarms. “Philippe Fortier will help identify, evaluate, and orchestrate acquisitions and other projects as well as assist with capital markets activities. Andrea Keen Souza will advance our human resources and talent development, particularly for our international operations. Stephanie Wargo will drive our marketing, branding, and communications initiatives. We welcome these key contributors as we forge ahead in farm development and miner optimization to, ultimately, increase our bitcoin production and shareholder value.”
Technical Data
BITF stock is below the 20-Day and 50-Day Moving averages of $4.03 and $4.62 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.12.
