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.

DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report)'s stock price gapped up prior to trading 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 traded.

Analyst Ratings Changes

Several brokerages recently issued reports on DEFT. Wall Street Zen upgraded shares of DeFi Technologies to a "hold" rating in a research report on Friday, May 30th. Maxim Group upped 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. Finally, HC Wainwright upped 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.

DeFi Technologies Price Performance

The business's 50-day moving average price is $2.94. The firm has a market cap of $881.68 million, a price-to-earnings ratio of 9.00 and a beta of 3.93.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). DeFi Technologies had a net margin of 62.45% and a return on equity of 171.79%.

Institutional Trading of DeFi Technologies

A number of institutional investors have recently modified their holdings of the company. WNY Asset Management LLC purchased a new stake in shares of DeFi Technologies during the second quarter worth about $29,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of DeFi Technologies during the second quarter worth about $31,000. HighMark Wealth Management LLC purchased a new stake in shares of DeFi Technologies during the second quarter worth about $35,000. Brookstone Capital Management purchased a new stake in shares of DeFi Technologies during the second quarter worth about $37,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of DeFi Technologies during the second quarter worth about $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.