Exodus Movement (NYSEAMERICAN:EXOD) Trading Down 6.4% After Analyst Downgrade

Exodus Movement, Inc. (NYSEAMERICAN:EXOD) traded down 6.4% during mid-day trading on Wednesday after Benchmark lowered their price target on the stock from $58.00 to $42.00. Benchmark currently has a buy rating on the stock. Exodus Movement traded as low as $19.45 and last traded at $19.92. 93,035 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 111,037 shares. The stock had previously closed at $21.29.

Other research analysts have also issued research reports about the stock. Zacks Research raised shares of Exodus Movement from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 28th. BTIG Research dropped their target price on Exodus Movement from $50.00 to $40.00 and set a “buy” rating for the company in a report on Monday. Northland Capmk upgraded Exodus Movement to a “strong-buy” rating in a research report on Thursday, July 17th. Northland Securities started coverage on Exodus Movement in a research report on Thursday, July 17th. They issued an “outperform” rating and a $50.00 price target on the stock. Finally, Cantor Fitzgerald started coverage on Exodus Movement in a research note on Friday, August 15th. They set an “overweight” rating and a $45.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $53.86.

Institutional Investors Weigh In On Exodus Movement

A number of large investors have recently added to or reduced their stakes in EXOD. Tidal Investments LLC acquired a new position in Exodus Movement in the 2nd quarter valued at $9,444,000. Geode Capital Management LLC increased its position in shares of Exodus Movement by 109.0% in the second quarter. Geode Capital Management LLC now owns 121,757 shares of the company’s stock worth $3,511,000 after purchasing an additional 63,501 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Exodus Movement in the second quarter valued at about $2,118,000. Floyd Financial Group LLC bought a new stake in Exodus Movement during the second quarter worth about $1,087,000. Finally, Alps Advisors Inc. bought a new stake in Exodus Movement during the third quarter worth about $447,000.

Exodus Movement Stock Down 6.5%

The stock has a market capitalization of $578.78 million, a price-to-earnings ratio of 6.07 and a beta of 0.11. The business’s 50 day simple moving average is $26.65 and its 200-day simple moving average is $30.28.

About Exodus Movement

Exodus Movement, Inc develops blockchain asset investors platform to secure, exchange and manage wealth inside one application. The company was founded by Daniel Castagnoli and Jon Paul Richardson in 2015 and is headquartered in Omaha, NE.