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

Exodus Movement, Inc. (NYSEAMERICAN:EXOD) was the target of a large decline in short interest in 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. Approximately 1.5% of the shares of the company are short sold. Based on an average daily trading volume, of 90,145 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analysts Forecast Growth

EXOD has been the topic of several recent research reports. Benchmark lowered 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. Cantor Fitzgerald lifted their target price on shares of Exodus Movement from $14.00 to $15.00 and gave the company 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 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, Zacks Research raised shares of Exodus Movement from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 14th. One 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 data from MarketBeat, Exodus Movement presently has an average rating of “Buy” and a consensus target price of $15.25.

Exodus Movement Stock Down 4.8%

Shares of NYSEAMERICAN:EXOD traded down $0.29 during trading on Wednesday, reaching $5.74. 39,481 shares of the company’s stock traded hands, compared to its average volume of 82,126. Exodus Movement has a fifty-two week low of $4.57 and a fifty-two week high of $28.27. The firm has a market cap of $173.35 million, a PE ratio of -1.91 and a beta of 2.05. The company has a 50-day simple moving average of $6.94 and a 200-day simple moving average of $6.58.

Exodus Movement (NYSEAMERICAN:EXOD) last released its quarterly earnings results 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%. On average, equities research analysts forecast that Exodus Movement will post -1.54 EPS for the current year.

Insider Activity

In related news, CFO James Gernetzke sold 5,682 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $7.35, for a total transaction of $41,762.70. Following the sale, the chief financial officer directly owned 463,988 shares of the company’s stock, valued at $3,410,311.80. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 20,171 shares of company stock valued at $151,258. Insiders own 67.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its position 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 valued at $218,000 after purchasing an additional 33,281 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Exodus Movement during the second quarter worth about $125,000. Aristides Capital LLC purchased a new stake in shares of Exodus Movement during the fourth quarter worth about $164,000. Finally, Impact Partnership Wealth LLC purchased a new stake in shares of Exodus Movement during the first quarter worth about $66,000.

Exodus Movement Company Profile

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.