DeFi Technologies (NASDAQ:DEFT) Downgraded by Wall Street Zen to "Sell"

Key Points

• DeFi Technologies (NASDAQ: DEFT) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a less favorable outlook for the stock.
• The company's recent earnings report revealed a missed earnings estimate with a profit of $0.05 per share, compared to the consensus estimate of $0.07 per share.
• Despite the downgrade, the average rating for DEFT among analysts remains at "buy," with a consensus price target of $6.25.

Wall Street Zen lowered shares of DeFi Technologies (NASDAQ:DEFT - Free Report) from a hold rating to a sell rating in a report issued on Friday.

A number of other equities research analysts have also recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $5.50 price objective on shares of DeFi Technologies in a research note on Tuesday, August 19th. Maxim Group raised their price objective on shares of DeFi Technologies from $6.50 to $7.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, DeFi Technologies has an average rating of "Buy" and an average target price of $6.25.

DeFi Technologies Trading Up 10.8%

Shares of NASDAQ DEFT traded up $0.23 during midday trading on Friday, reaching $2.36. 5,200,474 shares of the stock were exchanged, compared to its average volume of 3,257,729. The company has a market capitalization of $797.23 million, a price-to-earnings ratio of 26.22 and a beta of 3.86. DeFi Technologies has a twelve month low of $1.50 and a twelve month high of $4.95. The firm has a 50-day moving average price of $2.61.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.02). The firm had revenue of $13.42 million for the quarter, compared to analyst estimates of $42.08 million. DeFi Technologies had a return on equity of 137.53% and a net margin of 43.38%.

Institutional Investors Weigh In On DeFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of DeFi Technologies during the 2nd quarter worth $76,000. Public Employees Retirement System of Ohio purchased a new position in shares of DeFi Technologies during the 2nd quarter worth $196,000. Novem Group purchased a new position in shares of DeFi Technologies during the 2nd quarter worth $43,000. HighMark Wealth Management LLC purchased a new position in shares of DeFi Technologies during the 2nd quarter worth $35,000. Finally, Capital Advisors Inc. OK purchased a new position in shares of DeFi Technologies during the 2nd quarter worth $88,000.

About DeFi Technologies

DeFi Technologies, Inc engages in the provision of investment services. It plans to acquire equity, debt, or other securities of publicly traded or private companies or other entities. The firm offers DeFi ETNs, DeFi Governance, DeFi Venture and DeFi Treasury. The company was founded by Olivier Francois Roussy Newton and Wouter Witvoet on April 14, 1986 and is headquartered in Toronto, Canada.