DeFi Technologies (NASDAQ:DEFT) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of DeFi Technologies (NASDAQ:DEFT) to a strong sell rating in a research note released on Saturday.

Other equities research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of DeFi Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, June 8th. Benchmark decreased their price objective on shares of DeFi Technologies from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1.69.

DeFi Technologies Trading Down 5.0%

DEFT stock opened at $0.47 on Friday. DeFi Technologies has a twelve month low of $0.39 and a twelve month high of $2.80. The company’s 50 day moving average is $0.49 and its two-hundred day moving average is $0.62. The stock has a market cap of $180.51 million, a P/E ratio of 7.75 and a beta of 3.92.

DeFi Technologies (NASDAQ:DEFT) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.02). DeFi Technologies had a return on equity of 15.43% and a net margin of 39.65%. On average, equities research analysts predict that DeFi Technologies will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On DeFi Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Galaxy Digital Inc. purchased a new position in shares of DeFi Technologies during the first quarter worth approximately $1,050,000. CIBC Asset Management Inc purchased a new stake in DeFi Technologies in the 4th quarter valued at $36,000. Caitong International Asset Management Co. Ltd purchased a new stake in DeFi Technologies in the 3rd quarter valued at $34,000. Royal Bank of Canada raised its position in DeFi Technologies by 54.5% in the 4th quarter. Royal Bank of Canada now owns 42,900 shares of the company’s stock valued at $33,000 after purchasing an additional 15,133 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in DeFi Technologies by 79.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 37,270 shares of the company’s stock worth $28,000 after purchasing an additional 16,524 shares during the period.

DeFi Technologies Company Profile

DeFi Technologies Inc is a Vancouver-based company focused on decentralized finance (DeFi) and digital asset investments. Through strategic equity stakes and token allocations, the company aims to provide investors with exposure to leading DeFi protocols, applications, and infrastructure projects. Its core activities include sourcing, evaluating and acquiring positions in blockchain-based platforms that facilitate decentralized lending, trading, yield farming and liquidity provision.

In addition to its investment portfolio, DeFi Technologies works to develop and distribute tokenized products that bridge traditional capital markets with emerging DeFi ecosystems.