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

Key Points

• Short interest fell 14.5% in March to 296,898 shares (about 3.1% of the float) with a short-interest ratio of 2.4 days as of March 31.
• Analysts maintain a consensus "Buy" rating with a consensus price target of $30, but several firms trimmed targets (Benchmark $42→$21; BTIG $30→$20) and Zacks cut the stock to a "strong sell."
• Shares traded up 9.6% to $7.98 midday; Exodus has a market cap of roughly $238M, reported a ($1.69) EPS on $29.4M revenue last quarter and remains unprofitable despite analyst forecasts projecting 1.62 EPS for the fiscal year.

Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 296,898 shares, a decrease of 14.5% from the March 15th total of 347,433 shares. Based on an average daily volume of 122,904 shares, the short-interest ratio is currently 2.4 days. Approximately 3.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Exodus Movement

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Exodus Movement in the 3rd quarter worth approximately $58,000. Royal Bank of Canada increased its holdings in Exodus Movement by 42,971.4% in the 4th quarter. Royal Bank of Canada now owns 3,015 shares of the company's stock worth $44,000 after acquiring an additional 3,008 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Exodus Movement in the 3rd quarter worth approximately $209,000. Hussman Strategic Advisors Inc. purchased a new stake in Exodus Movement in the 3rd quarter worth approximately $233,000. Finally, Aristides Capital LLC purchased a new stake in Exodus Movement in the 4th quarter worth approximately $164,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Benchmark lowered their price objective on shares of Exodus Movement from $42.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, March 12th. Northland Securities set a $15.00 price objective on shares of Exodus Movement in a research note on Thursday, April 9th. Zacks Research cut shares of Exodus Movement from a "hold" rating to a "strong sell" rating in a research note on Friday, March 13th. Compass Point reiterated a "buy" rating and issued a $19.00 price objective on shares of Exodus Movement in a research note on Thursday, March 12th. Finally, BTIG Research lowered their price objective on shares of Exodus Movement from $30.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $30.00.

Exodus Movement Trading Up 9.6%

Exodus Movement stock traded up $0.70 during midday trading on Friday, hitting $7.98. The stock had a trading volume of 88,114 shares, compared to its average volume of 95,621. The firm's fifty day moving average is $8.86 and its two-hundred day moving average is $15.47. The company has a market capitalization of $237.88 million, a PE ratio of -12.47 and a beta of 2.03. Exodus Movement has a 52-week low of $5.89 and a 52-week high of $56.00.

Exodus Movement (NYSEAMERICAN:EXOD - Get Free Report) last released its earnings results on Wednesday, March 11th. The company reported ($1.69) earnings per share (EPS) for the quarter. The firm had revenue of $29.39 million during the quarter. Exodus Movement had a negative return on equity of 4.28% and a negative net margin of 9.34%. As a group, equities research analysts predict that Exodus Movement will post 1.62 earnings per share for the current fiscal year.

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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