DeFi Development (NASDAQ:DFDV) Posts Earnings Results

DeFi Development (NASDAQ:DFDV) announced its quarterly earnings results on Tuesday. The company reported $1.88 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $1.86 million for the quarter.

DeFi Development Stock Down 4.3%

DeFi Development stock opened at $6.87 on Thursday. The firm has a 50 day moving average price of $13.43. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market cap of $206.92 million, a PE ratio of 10.30 and a beta of -7.77. DeFi Development has a 12 month low of $0.53 and a 12 month high of $53.88.

Hedge Funds Weigh In On DeFi Development

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE bought a new stake in DeFi Development in the third quarter valued at about $66,000. Centiva Capital LP acquired a new stake in shares of DeFi Development during the third quarter worth approximately $469,000. NewEdge Advisors LLC acquired a new position in DeFi Development during the 3rd quarter worth about $478,000. UBS Group AG bought a new stake in shares of DeFi Development during the third quarter valued at approximately $693,000. Finally, Millennium Management LLC acquired a new stake in shares of DeFi Development in the third quarter valued at approximately $1,982,000. 0.48% of the stock is owned by institutional investors.

DeFi Development declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 24th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 25.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DFDV has been the topic of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of DeFi Development in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of DeFi Development from a “hold” rating to a “sell” rating in a research report on Friday, September 5th. Cantor Fitzgerald upgraded shares of DeFi Development to a “strong-buy” rating in a report on Wednesday, August 13th. Finally, Craig Hallum assumed coverage on shares of DeFi Development in a report on Monday, August 4th. They issued a “buy” rating and a $25.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $35.00.

About DeFi Development

We are a B2B fintech marketplace connecting commercial property borrowers and lenders with a human touch. We seek to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through our online platform, we provide technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders.