DeFi Technologies Inc. (NASDAQ:SKILLED) East one of the fastest growing penny stocks to buy now. On November 17, Maxim Group analyst Matthew Galinko reiterated a Buy rating on DeFi Technologies Inc. (NASDAQ:DEFT), impressed by the increase in assets under management and the expansion of Exchange Traded Products.
The analyst expects the company to see robust growth with the launch of new exchange-traded product strategies, followed by expansion into new geographies. The company is also well positioned to benefit from expanding liquidity and advisory services. A strong financial position, combined with significant cash reserves and cryptocurrency holdings, also confirms its long-term prospects.
These remarks follow DeFi Technologies’ mixed third-quarter results on Nov. 14, during which revenue fell to $22.5 million from $28.1 million in the same quarter last year. This decline is due to the decline in revenues from realized and net variations in unrealized gains on digital assets. Operating profit also fell to $9 million from $14.4 million, due to lower revenue.
“With average assets under management exceeding $900 million per month in the third quarter, the highest quarterly average in history, and monthly net inflows year-to-date, we continue to demonstrate the power of our integrated asset management and trading ecosystem,” said Olivier Roussy Newton, CEO.
DeFi Technologies Inc. (NASDAQ: DEFT) is a financial technology company that bridges traditional finance and decentralized finance (DeFi) by offering regulated products and services. It creates and issues exchange-traded products (ETPs) that provide indirect exposure to digital assets and DeFi protocols.
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Disclosure: None. This article was originally published on Initiated Monkey.
