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Investing.com - H.C. Wainwright has reiterated a Buy rating and $5.50 price target on DeFi Technologies (NASDAQ:DEFT), representing significant upside from the current price of $2.13. According to InvestingPro data, analyst targets range from $4.95 to $6.98, with strong consensus recommendations supporting the bullish outlook.
DeFi Technologies announced 13 new ETPs on the Spotlight market in Sweden on Tuesday, September 24, bringing its total product count to 99. This addition follows eight product introductions released on August 27, meeting the company’s targeted product introduction guidance from previous quarters. The company’s expansion aligns with its impressive revenue growth of 135% over the last twelve months, as reported by InvestingPro.
The company also announced a new collaboration with SovFi on Tuesday to "modernize" the $100 trillion sovereign debt market by applying blockchain-based solutions.
DeFi Technologies hosted its inaugural "DeFi Technologies Insights Global Symposium" in Frankfurt, Germany, on Wednesday, September 25. This event marks the beginning of a series of symposia the company plans to host in targeted markets including North America, Europe, Asia, and South America.
H.C. Wainwright analyst Kevin Dede praised the company for building unique products, including an ETP based on the PEPE meme coin, and for educating financial services professionals on crypto-based investment strategies. The analyst noted that DeFi’s product portfolio "exceeds in quantity and diversity any other crypto ETP or ETF product offering globally." InvestingPro data reveals the company maintains a "GOOD" overall financial health score, with particularly strong growth metrics. Subscribers can access 15+ additional ProTips and comprehensive financial metrics to make informed investment decisions.
In other recent news, DeFi Technologies reported its second-quarter earnings, revealing a total revenue of $13.4 million. This marks a considerable decline from the $43.7 million recorded in the previous quarter. Despite this revenue dip, H.C. Wainwright has maintained its Buy rating for the company, setting a price target of $5.50. The firm’s assets under management were $773 million at the end of June but saw an increase to $947 million in July. These developments provide a snapshot of the company’s recent financial performance and analyst perspectives.
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