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

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.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Friday.

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

DeFi Technologies Price Performance

Shares of DEFT opened at $2.03 on Friday. The company has a 50-day moving average of $2.67. The stock has a market cap of $685.75 million, a P/E ratio of 22.56 and a beta of 3.86. DeFi Technologies has a 52-week low of $1.50 and a 52-week high of $4.95.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). DeFi Technologies had a net margin of 43.38% and a return on equity of 137.53%. The business had revenue of $13.42 million for the quarter, compared to analysts' expectations of $42.08 million.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. WNY Asset Management LLC purchased a new position in shares of DeFi Technologies during the 2nd quarter worth about $29,000. OMERS ADMINISTRATION Corp acquired a new position in DeFi Technologies during the second quarter valued at approximately $31,000. HighMark Wealth Management LLC acquired a new position in DeFi Technologies during the second quarter valued at approximately $35,000. Brookstone Capital Management acquired a new position in DeFi Technologies during the second quarter valued at approximately $37,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in DeFi Technologies during the second quarter valued at approximately $39,000.

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.

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