DeFi Technologies (NASDAQ:DEFT) Shares Down 6.5% - Should You Sell?

Key Points

• DeFi Technologies Inc. (NASDAQ: DEFT) saw a stock price decline of 6.5%, closing at $2.87 after reaching a low of $2.77.
• Analysts have recently raised their price targets for DEFT, with Maxim Group increasing it from $6.50 to $7.00 and HC Wainwright from $4.50 to $5.50, both giving "buy" ratings.
• The company has a market capitalization of $966.87 million and a high beta of 4.02, indicating significant volatility in its stock price.
• Institutional investors have increased their positions, with several buying new stakes in DeFi Technologies, including the Public Employees Retirement System of Ohio, which purchased approximately $196,000 worth of shares.

Shares of DeFi Technologies Inc. (NASDAQ:DEFT - Get Free Report) were down 6.5% on Friday . The stock traded as low as $2.77 and last traded at $2.87. Approximately 2,443,934 shares traded hands during trading, an increase of 36% from the average daily volume of 1,791,428 shares. The stock had previously closed at $3.07.

Wall Street Analyst Weigh In

Several analysts have weighed in on DEFT shares. HC Wainwright boosted their target price on shares of DeFi Technologies from $4.50 to $5.50 and gave the company a "buy" rating in a research note on Thursday, May 15th. Maxim Group boosted their target price on shares of 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 upgraded shares of DeFi Technologies to a "hold" rating in a research note on Friday, May 30th.

DeFi Technologies Stock Performance

The firm has a market cap of $976.27 million, a PE ratio of 9.97 and a beta of 4.02. The business's 50 day simple moving average is $3.18.

Hedge Funds Weigh In On DeFi Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. HighMark Wealth Management LLC acquired a new position in shares of DeFi Technologies during the second quarter valued at $35,000. Novem Group acquired a new position in shares of DeFi Technologies during the second quarter valued at $43,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of DeFi Technologies during the second quarter valued at $76,000. Capital Advisors Inc. OK acquired a new position in shares of DeFi Technologies during the second quarter valued at $88,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in DeFi Technologies in the second quarter worth about $88,000.

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.