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

Key Points

• DeFi Technologies shares gapped up from $2.46 to $2.65, and last traded at $2.73 with a volume of over 6.6 million shares.
• Analysts maintain a consensus "Buy" rating for the stock, with target prices ranging from $5.50 to $7.00.
• The company reported earnings of $0.05 per share, missing expectations, with revenue of $13.42 million against anticipated $42.08 million.

DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $2.46, but opened at $2.65. DeFi Technologies shares last traded at $2.73, with a volume of 6,664,338 shares.

Analyst Ratings Changes

DEFT has been the subject of several recent analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $5.50 target price on shares of DeFi Technologies in a research note on Tuesday, August 19th. Wall Street Zen cut DeFi Technologies from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. Finally, Maxim Group raised their target price on DeFi Technologies from $6.50 to $7.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, DeFi Technologies has a consensus rating of "Buy" and an average target price of $6.25.

DeFi Technologies Stock Up 9.3%

The stock has a 50-day simple moving average of $2.53. The stock has a market capitalization of $912.74 million, a price-to-earnings ratio of 29.89 and a beta of 3.86.

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

Hedge Funds Weigh In On DeFi Technologies

Several hedge funds have recently made changes to their positions in the stock. WNY Asset Management LLC purchased a new position in shares of DeFi Technologies in the second quarter valued at $29,000. OMERS ADMINISTRATION Corp purchased a new position in shares of DeFi Technologies in the second quarter valued at $31,000. HighMark Wealth Management LLC purchased a new position in shares of DeFi Technologies in the second quarter valued at $35,000. Brookstone Capital Management purchased a new position in shares of DeFi Technologies in the second quarter valued at $37,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of DeFi Technologies in the second quarter valued at $39,000.

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.

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