Exodus Movement, Inc. (NYSEAMERICAN:EXOD) Sees Large Decrease in Short Interest

Key Points

• Short interest fell sharply at Exodus Movement, dropping 47.3% to 155,577 shares as of July 15 from 295,129 shares on June 30. Short interest now represents 1.6% of shares outstanding, with a 2.6-day days-to-cover ratio.
• The stock traded around $5.09, well below its 50-day and 200-day moving averages of $5.89 and $8.53, respectively. The company reported a quarterly loss of $1.08 per share on $22.75 million in revenue and is expected to post a $1.37 full-year loss per share.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $21.17 target price, despite recent target reductions. Several institutional investors, including Tidal Investments and Geode Capital Management, added or initiated positions.

Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Get Free Report) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 155,577 shares, a drop of 47.3% from the June 30th total of 295,129 shares. Currently, 1.6% of the company's shares are sold short. Based on an average daily volume of 60,963 shares, the days-to-cover ratio is presently 2.6 days.

Exodus Movement Stock Performance

NYSEAMERICAN:EXOD traded down $0.29 during midday trading on Wednesday, reaching $5.09. 19,943 shares of the stock traded hands, compared to its average volume of 79,001. The company has a fifty day moving average of $5.89 and a 200 day moving average of $8.53. Exodus Movement has a 12 month low of $4.57 and a 12 month high of $33.33. The stock has a market capitalization of $152.75 million, a P/E ratio of -4.01 and a beta of 1.93.

Exodus Movement (NYSEAMERICAN:EXOD - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.08) earnings per share (EPS) for the quarter. Exodus Movement had a negative return on equity of 11.78% and a negative net margin of 28.25%.The firm had revenue of $22.75 million during the quarter. On average, analysts predict that Exodus Movement will post -1.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Benchmark cut their price target on shares of Exodus Movement from $21.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Northland Securities set a $10.00 price objective on Exodus Movement in a report on Wednesday, July 22nd. Cantor Fitzgerald reissued an "overweight" rating on shares of Exodus Movement in a research note on Monday, June 15th. BTIG Research dropped their target price on Exodus Movement from $20.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, May 12th. Finally, Zacks Research upgraded Exodus Movement from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $21.17.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in Exodus Movement by 109.0% during the 2nd quarter. Geode Capital Management LLC now owns 121,757 shares of the company's stock valued at $3,511,000 after purchasing an additional 63,501 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Exodus Movement during the second quarter valued at approximately $2,118,000. Tidal Investments LLC bought a new position in shares of Exodus Movement during the second quarter valued at approximately $9,444,000. Vident Advisory LLC purchased a new position in Exodus Movement during the 2nd quarter valued at $369,000. Finally, Millennium Management LLC increased its position in Exodus Movement by 46.5% during the 3rd quarter. Millennium Management LLC now owns 17,812 shares of the company's stock valued at $495,000 after purchasing an additional 5,651 shares during the period.

About Exodus Movement

Exodus Movement, Inc is a software company focused on developing user-friendly tools for managing digital assets. Its flagship product, the Exodus Wallet, is a non-custodial cryptocurrency wallet available on desktop and mobile platforms. The wallet enables users to secure, send, receive and exchange a broad range of digital currencies while retaining full control of their private keys. With built-in portfolio tracking and an integrated exchange feature powered by third-party liquidity providers, Exodus offers a one-stop interface for both newcomers and experienced crypto enthusiasts.

Since its initial release in mid-2016, Exodus has expanded support to over 100 cryptocurrencies and tokens, including major assets such as Bitcoin, Ethereum and Litecoin as well as numerous ERC-20 tokens.

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