DeFi Technologies (NASDAQ:DEFT) Downgraded by Maxim Group to "Hold"

Key Points

• Maxim Group downgraded DeFi Technologies from “Buy” to “Hold,” while analyst sentiment remains mixed: MarketBeat reports an overall “Moderate Buy” rating and an average price target of $1.44.
• DEFT shares opened at $0.44, near their 52-week low of $0.39 and well below the $2.80 high. The company’s latest quarterly loss of $0.03 per share missed the consensus estimate of a $0.01 loss.
• Several institutional investors, including Geode Capital Management, JPMorgan Chase and Legal & General, initiated positions in DeFi Technologies during the second quarter.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) was downgraded by equities research analysts at Maxim Group from a "buy" rating to a "hold" rating in a report released on Wednesday.

A number of other brokerages have also recently issued reports on DEFT. Wall Street Zen cut DeFi Technologies to a "strong sell" rating in a report on Saturday. Northland Securities set a $1.25 price target on DeFi Technologies in a research note on Monday. Benchmark cut their price target on shares of DeFi Technologies from $2.00 to $1.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Weiss Ratings raised shares of DeFi Technologies from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1.44.

DeFi Technologies Stock Performance

Shares of DEFT stock opened at $0.44 on Wednesday. The firm's 50 day moving average price is $0.48 and its two-hundred day moving average price is $0.62. The stock has a market cap of $169.64 million, a PE ratio of 7.28 and a beta of 3.92. DeFi Technologies has a 52-week low of $0.39 and a 52-week high of $2.80.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). DeFi Technologies had a return on equity of 15.43% and a net margin of 39.65%. As a group, sell-side analysts predict that DeFi Technologies will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DEFT. Geode Capital Management LLC bought a new position in shares of DeFi Technologies during the 2nd quarter worth approximately $1,294,000. JPMorgan Chase & Co. bought a new stake in DeFi Technologies in the second quarter valued at approximately $88,000. Legal & General Group Plc bought a new stake in DeFi Technologies in the 2nd quarter valued at $854,000. American Century Companies Inc. bought a new position in shares of DeFi Technologies in the second quarter valued at about $71,000. Finally, Quantbot Technologies LP bought a new position in DeFi Technologies in the 2nd quarter valued at about $160,000.

DeFi Technologies Company Profile

DeFi Technologies Inc is a Vancouver-based company focused on decentralized finance (DeFi) and digital asset investments. Through strategic equity stakes and token allocations, the company aims to provide investors with exposure to leading DeFi protocols, applications, and infrastructure projects. Its core activities include sourcing, evaluating and acquiring positions in blockchain-based platforms that facilitate decentralized lending, trading, yield farming and liquidity provision.

In addition to its investment portfolio, DeFi Technologies works to develop and distribute tokenized products that bridge traditional capital markets with emerging DeFi ecosystems.

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