Exodus Movement, Inc. (NYSEAMERICAN:EXOD) Short Interest Update

Key Points

• Short interest surged 68% to 357,968 shares as of September 15, representing 3.7% of Exodus Movement’s outstanding shares and 4.6 days to cover.
• Analysts maintain a generally positive view, with an average rating of “Buy” and a consensus price target of $15.25, although several firms recently lowered their individual targets.
• Exodus shares traded near $7.13, well below their one-year high of $32.21, while the company continues to report losses, including quarterly EPS of negative $0.62 and a negative net margin of 79.87%.

Exodus Movement, Inc. (NYSEAMERICAN:EXOD - Get Free Report) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totaling 357,968 shares, an increase of 68.0% from the August 31st total of 213,071 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 77,222 shares, the days-to-cover ratio is currently 4.6 days.

Analysts Set New Price Targets

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

Insider Buying and Selling at Exodus Movement

In other news, CFO James Gernetzke sold 5,682 shares of Exodus Movement stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $7.35, for a total transaction of $41,762.70. Following the completion of the sale, the chief financial officer directly owned 463,988 shares of the company's stock, valued at approximately $3,410,311.80. The trade was a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 14,457 shares of company stock worth $111,026. Company insiders own 67.67% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Impact Partnership Wealth LLC purchased a new stake in Exodus Movement during the 1st quarter valued at $66,000. Aristides Capital LLC purchased a new stake in shares of Exodus Movement during the fourth quarter worth about $164,000. Bank of New York Mellon Corp purchased a new stake in shares of Exodus Movement during the second quarter worth about $125,000. Bank of America Corp DE grew its stake in shares of Exodus Movement by 17,155.2% in the first quarter. Bank of America Corp DE now owns 33,475 shares of the company's stock worth $218,000 after purchasing an additional 33,281 shares during the last quarter. Finally, FTX Recovery Trust bought a new stake in shares of Exodus Movement in the fourth quarter worth about $26,969,000.

Exodus Movement Stock Performance

NYSEAMERICAN:EXOD traded up $0.02 during trading hours on Wednesday, reaching $7.13. The company's stock had a trading volume of 19,668 shares, compared to its average volume of 83,835. The firm has a market capitalization of $215.30 million, a price-to-earnings ratio of -2.37 and a beta of 2.02. The firm has a 50-day simple moving average of $6.68 and a 200-day simple moving average of $6.70. Exodus Movement has a 1 year low of $4.57 and a 1 year high of $32.21.

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 (EPS) for the quarter. Exodus Movement had a negative net margin of 79.87% and a negative return on equity of 36.07%. The company had revenue of $26.23 million for the quarter. Equities analysts anticipate that Exodus Movement will post -1.54 earnings per share for the current fiscal year.

About Exodus Movement

Exodus Movement, Inc develops self-custodial software for managing digital assets. Its primary product, Exodus Wallet, enables users to store, send, receive, buy, sell and exchange cryptocurrencies and other supported digital assets while retaining control of their private keys. The wallet is available across desktop and mobile platforms and is designed for both new and experienced cryptocurrency users.

The company also provides access to additional blockchain-related services, including staking, decentralized applications and Web3 functionality, through its wallet ecosystem.

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