DeFi Technologies (NASDAQ:DEFT) Shares Gap Down on Disappointing Earnings

Key Points

• DeFi Technologies (NASDAQ:DEFT) shares gapped down from $2.61 to $2.45 following disappointing quarterly earnings, reporting an EPS of $0.05 against an expectation of $0.07.
• The company's revenue of $13.42 million fell significantly short of analyst expectations of $42.08 million, indicating serious financial challenges.
• Despite the poor earnings report, some analysts have maintained a buy rating for the stock with target prices adjusted upward, reflecting mixed sentiment among investors.

Shares of DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.61, but opened at $2.45. DeFi Technologies shares last traded at $2.40, with a volume of 1,294,412 shares changing hands.

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 return on equity of 104.84% and a net margin of 43.38%. The firm had revenue of $13.42 million for the quarter, compared to analysts' expectations of $42.08 million.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wall Street Zen raised DeFi Technologies to a "hold" rating in a research report on Friday, May 30th. Maxim Group lifted their target price on DeFi Technologies from $6.50 to $7.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Finally, HC Wainwright increased their price target on shares of DeFi Technologies from $4.50 to $5.50 and gave the stock a "buy" rating in a research report on Thursday, May 15th.

Hedge Funds Weigh In On DeFi Technologies

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

DeFi Technologies Price Performance

The stock has a market cap of $766.83 million, a price-to-earnings ratio of 25.22 and a beta of 3.93. The company's fifty day moving average price is $2.89.

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.