DeFi Technologies (NASDAQ:DEFT) Shares Gap Down on Disappointing Earnings

Shares of DeFi Technologies Inc. (NASDAQ:DEFT) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.61, but opened at $2.45. DeFi Technologies shares last traded at $2.40, with a volume of 1,294,412 shares trading hands.

The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The firm 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 104.84%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DEFT shares. Maxim Group upped their price objective on shares of DeFi Technologies from $6.50 to $7.00 and gave the company a “buy” rating in a research report on Tuesday, May 27th. HC Wainwright upped their price objective on shares of DeFi Technologies from $4.50 to $5.50 and gave the company a “buy” rating in a research report on Thursday, May 15th. Finally, Wall Street Zen raised shares of DeFi Technologies to a “hold” rating in a research report on Friday, May 30th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DEFT. Rathbones Group PLC acquired a new position in DeFi Technologies in the second quarter worth about $8,789,000. Bank of Montreal Can acquired a new position in DeFi Technologies in the second quarter worth about $7,891,000. Marshall Wace LLP acquired a new position in DeFi Technologies in the second quarter worth about $5,635,000. Invesco Ltd. acquired a new position in DeFi Technologies in the second quarter worth about $3,266,000. Finally, Swiss National Bank acquired a new position in DeFi Technologies in the second quarter worth about $1,727,000.

DeFi Technologies Trading Down 11.5%

The firm has a market capitalization of $780.34 million, a PE ratio of 25.67 and a beta of 3.93. The business has a 50-day moving average price of $2.91.

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.