Exodus Movement, Inc. (NYSEAMERICAN:EXOD) Shares Shorted: Short Interest Down 58.5% in September

Key Points

• Short interest plunged 58.5% in September to 148,431 shares, representing 1.5% of outstanding shares and 1.6 days to cover.
• Analysts maintain a generally positive view, with an average “Buy” rating and a consensus price target of $15.25, despite some firms lowering their targets.
• EXOD traded near $6.03, well below its 52-week high of $28.48, while the company reported a quarterly loss of $0.62 per share and a negative net margin of 79.87%.

Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 148,431 shares, a decline of 58.5% from the September 15th total of 357,968 shares. Based on an average daily volume of 90,145 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.5% of the company's shares are short sold.

Analyst Ratings Changes

Several brokerages recently commented on EXOD. Zacks Research raised shares of Exodus Movement from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 14th. Benchmark dropped 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 $8.50 price target on shares of Exodus Movement in a report on Wednesday, August 12th. BTIG Research cut their price target on shares of Exodus Movement from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, September 15th. Finally, Cantor Fitzgerald boosted their price objective on shares of Exodus Movement from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. 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.com, the company presently has an average rating of "Buy" and an average target price of $15.25.

Exodus Movement Price Performance

EXOD traded down $0.03 during midday trading on Tuesday, reaching $6.03. 34,525 shares of the company's stock traded hands, compared to its average volume of 82,343. Exodus Movement has a 52 week low of $4.57 and a 52 week high of $28.48. The firm has a fifty day moving average of $6.93 and a two-hundred day moving average of $6.59. The stock has a market capitalization of $182.11 million, a price-to-earnings ratio of -2.00 and a beta of 2.05.

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

Insiders Place Their Bets

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 transaction of $39,276.16. Following the completion of the sale, the chief financial officer owned 458,409 shares of the company's stock, valued at approximately $3,227,199.36. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,171 shares of company stock valued at $151,258 in the last ninety days. Insiders own 67.67% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Impact Partnership Wealth LLC bought a new position in Exodus Movement in the 1st quarter worth $66,000. Bank of New York Mellon Corp bought a new stake in shares of Exodus Movement during the 2nd quarter valued at about $125,000. Aristides Capital LLC bought a new stake in shares of Exodus Movement during the 4th quarter valued at about $164,000. Finally, Bank of America Corp DE increased its position in shares of Exodus Movement by 17,155.2% during the first quarter. Bank of America Corp DE now owns 33,475 shares of the company's stock valued at $218,000 after buying an additional 33,281 shares during the period.

About Exodus Movement

Exodus Movement, Inc develops and operates non-custodial cryptocurrency wallet software. Its products enable users to store, manage, send and receive digital assets while retaining control of their private keys. The company's wallet is available through desktop and mobile applications and supports a broad range of cryptocurrencies and blockchain networks.

In addition to wallet functionality, Exodus provides services that can include in-wallet cryptocurrency swaps, staking and access to decentralized applications and other Web3 features.

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