DeFi Technologies (NASDAQ:DEFT) Shares Gap Up - Here's Why

Key Points

• DeFi Technologies Inc. (NASDAQ:DEFT) saw its stock price increase from $2.61 to an opening price of $2.78 before trading reached $2.96.
• Several analysts have raised their target prices for DEFT shares, with Maxim Group increasing it from $6.50 to $7.00 and HC Wainwright lifting it from $4.50 to $5.50, both maintaining a "buy" rating.
• Institutional investors are showing confidence in DeFi Technologies, with notable purchases including $1.29 million from Geode Capital Management and $8.79 million from Rathbones Group PLC.

Shares of DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.61, but opened at $2.78. DeFi Technologies shares last traded at $2.96, with a volume of 3,799,395 shares.

Analyst Ratings Changes

DEFT has been the topic of a number of research reports. Maxim Group raised their target price on shares of DeFi Technologies from $6.50 to $7.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. HC Wainwright raised their target price 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. Finally, Wall Street Zen upgraded shares of DeFi Technologies to a "hold" rating in a research report on Friday, May 30th.

DeFi Technologies Stock Performance

The company has a 50 day simple moving average of $2.91. The stock has a market capitalization of $780.34 million, a price-to-earnings ratio of 25.67 and a beta of 3.93.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported $0.05 EPS 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 business had revenue of $13.42 million during the quarter, compared to analysts' expectations of $42.08 million.

Institutional Trading of DeFi Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DEFT. Corient Private Wealth LLC purchased a new stake in DeFi Technologies during the second quarter worth approximately $1,723,000. Captrust Financial Advisors purchased a new position in DeFi Technologies in the 2nd quarter worth approximately $57,000. Visionary Wealth Advisors bought a new position in DeFi Technologies during the 2nd quarter valued at $431,000. Shay Capital LLC acquired a new position in DeFi Technologies in the second quarter worth about $50,000. Finally, Lazard Asset Management LLC acquired a new stake in DeFi Technologies during the second quarter valued at approximately $51,000.

DeFi Technologies Company Profile

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.