DeFi Technologies (NASDAQ:DEFT) Stock Price Up 8% - Here's What Happened

Key Points

• DeFi Technologies' shares rose by 8% on Thursday, trading as high as $2.31 before closing at $2.30, despite a decline in trading volume.
• Recent analyst ratings show a mix of outlooks, with Wall Street Zen downgrading the stock to "sell" while Maxim Group raised their price target and maintained a "buy" rating.
• The company reported a loss in its recent quarterly earnings, with revenue of $13.42 million falling short of expectations of $42.08 million.

DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report)'s share price shot up 8% during mid-day trading on Thursday . The company traded as high as $2.31 and last traded at $2.30. 1,542,046 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 2,181,222 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DEFT. HC Wainwright reaffirmed a "buy" rating and issued a $5.50 price objective on shares of DeFi Technologies in a research note on Tuesday, August 19th. Maxim Group upped their price target on shares of DeFi Technologies from $6.50 to $7.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen lowered shares of DeFi Technologies from a "hold" rating to a "sell" rating in a report on Friday, September 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $6.25.

DeFi Technologies Stock Up 1.5%

The company has a market cap of $891.83 million, a price-to-earnings ratio of 29.33 and a beta of 3.89. The business has a fifty day simple moving average of $2.59.

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

Institutional Trading of DeFi Technologies

Several institutional investors have recently bought and sold shares of DEFT. Rathbones Group PLC purchased a new stake in DeFi Technologies during the 2nd quarter valued at about $8,789,000. Bank of Montreal Can purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at about $7,891,000. Marshall Wace LLP purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at about $5,635,000. Invesco Ltd. purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at about $3,266,000. Finally, Swiss National Bank purchased a new stake in shares of DeFi Technologies during the 2nd quarter valued at about $1,727,000.

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.