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

Key Points

• DeFi Technologies shares initially gapped up from $2.36 to $2.51 before closing at $2.43, with over 3.2 million shares traded.
• Analysts have varying ratings on the stock, with HC Wainwright maintaining a "buy" at a $5.50 target, while Wall Street Zen downgraded it to "sell"; the consensus target price remains at $6.25.
• During the last quarter, DeFi Technologies reported earnings of $0.05 per share, missing estimates of $0.07, and generated revenue of $13.42 million, significantly below the expected $42.08 million.

Shares of DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $2.36, but opened at $2.51. DeFi Technologies shares last traded at $2.43, with a volume of 3,210,231 shares trading hands.

Analysts Set New Price Targets

DEFT has been the topic of a number of 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. Maxim Group upped 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, Wall Street Zen cut DeFi Technologies from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, DeFi Technologies currently has an average rating of "Buy" and a consensus price target of $6.25.

DeFi Technologies Stock Performance

The company has a market capitalization of $881.68 million, a price-to-earnings ratio of 29.00 and a beta of 3.86. The stock's 50-day simple moving average is $2.59.

DeFi Technologies (NASDAQ:DEFT - Get Free Report) last announced its 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). The company had revenue of $13.42 million for the quarter, compared to the consensus estimate of $42.08 million. DeFi Technologies had a net margin of 43.38% and a return on equity of 137.53%.

Institutional Trading of DeFi Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hudson Bay Capital Management LP purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at $41,000. Corient Private Wealth LLC purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at $1,723,000. Captrust Financial Advisors purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at $57,000. Visionary Wealth Advisors purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at $431,000. Finally, Shay Capital LLC purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at $50,000.

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.