Will Canny is CoinDesk's finance reporter.
Benchmark said the sell-off in altcoins triggered the decline in DeFi Technologies' stock, and the weakness was further compounded by the publication of a negative opinion piece.The sell-off in DeFi Technologies’ stock looks overdone, and the shares now offer an attractive buying opportunity, Wall Street broker Benchmark said in a research report on Thursday, reiterating its buy rating.
Shares of the cryptocurrency exchange-traded product issuer , plummeted in recent days following steep declines in altcoins and aBenchmark's analyst Mark Palmer wrote that the stock had gained more than 330% since the beginning of May; it then lost almost half of its value over two days before recovering much of that loss yesterday afternoon.in these tokens earlier in the week had a negative impact on the share price, Palmer said.
The pullback might be partially due to traders taking some profit off the table after the recent outsized rally, but the sell-off appears overdone, and the stock’s significant repricing offers an “attractive buying opportunity,” the report added. Palmer reiterated his buy rating on the stock and a C$3 price target. The shares slipped as much as 17% in early trading on Thursday to around C$1.93 before rebounding near C$2, according to TradingView data.
“Volatility in the price of altcoins should not surprise anyone who has even a casual understanding of the dynamics of the crypto market,” Palmer wrote, adding that some weakness in the stock price due to the sell-off in these tokens was understandable.to the negative article published by CoinSnacks, describing it as a “misleading short and distort report,” the note added.
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