Exodus Movement, Inc. (NYSEAMERICAN:EXOD) Sees Significant Growth in Short Interest

Key Points

• Short interest nearly doubled to 289,601 shares as of October 15, up 95.1% from September 30. Short interest represents 3.0% of shares outstanding, with a 6.2-day short-interest ratio.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a consensus price target of $15.25, despite several recent target-price reductions.
• Exodus shares opened at $5.15, well below their 52-week high of $25.48. The company reported a quarterly loss of $0.62 per share on $26.23 million in revenue and continues to post negative profitability metrics.

Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Get Free Report) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totaling 289,601 shares, a growth of 95.1% from the September 30th total of 148,431 shares. Currently, 3.0% of the company's stock are sold short. Based on an average daily volume of 46,538 shares, the short-interest ratio is currently 6.2 days.

Analyst Ratings Changes

A number of equities research analysts recently commented on EXOD shares. Benchmark lowered their price target on Exodus Movement from $21.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Cantor Fitzgerald lifted their price objective on shares of Exodus Movement from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Northland Securities set a $8.50 target price on shares of Exodus Movement in a research note on Wednesday, August 12th. BTIG Research lowered their target price on shares of Exodus Movement from $16.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, September 15th. Finally, Zacks Research raised shares of Exodus Movement from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $15.25.

Insider Buying and Selling

In other news, CFO James Gernetzke sold 5,579 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $7.04, for a total value of $39,276.16. Following the completion of the sale, the chief financial officer directly owned 458,409 shares of the company's stock, valued at $3,227,199.36. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 20,171 shares of company stock worth $151,258. Insiders own 67.67% of the company's stock.

Hedge Funds Weigh In On Exodus Movement

An institutional investor recently bought a new position in Exodus Movement stock. Bank of New York Mellon Corp bought a new position in Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 24,174 shares of the company's stock, valued at approximately $125,000. Bank of New York Mellon Corp owned approximately 0.08% of Exodus Movement as of its most recent filing with the Securities & Exchange Commission.

Exodus Movement Price Performance

Shares of Exodus Movement stock opened at $5.15 on Friday. Exodus Movement has a 1 year low of $4.57 and a 1 year high of $25.48. The firm has a market cap of $155.53 million, a PE ratio of -1.71 and a beta of 2.05. The stock has a fifty day moving average price of $6.74 and a 200-day moving average price of $7.73.

Exodus Movement (NYSEAMERICAN:EXOD - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.62) earnings per share for the quarter. Exodus Movement had a negative return on equity of 36.07% and a negative net margin of 79.87%. The firm had revenue of $26.23 million during the quarter. As a group, equities analysts anticipate that Exodus Movement will post -1.54 EPS for the current fiscal year.

About Exodus Movement

Exodus Movement, Inc develops and operates a non-custodial cryptocurrency wallet platform. Its software enables users to manage, store, send and receive digital assets while retaining control of their private keys. The company's products are designed for individuals seeking to interact with cryptocurrencies and other blockchain-based assets without relying on a centralized exchange to hold their funds.

Exodus offers wallet applications for desktop and mobile devices, along with browser-based tools.

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