Exodus Movement Positioned Favorably in Market with Buy Rating Initiation

Benchmark begins coverage of Exodus Movement, endorsing the self-custody wallet with a buy rating and a $38 target price.

Benchmark initiated coverage of the crypto self-custody wallet Exodus Movement with a buy rating and a $38 price target.
The recent Bybit hack emphasizes the benefits of self-custody wallets.
With shares experiencing a 60% decline in recent weeks, this provides a buying opportunity for investors.

The attack on the Bybit exchange has illustrated the importance of self-custody wallets, according to a new report from Benchmark. They have rated Exodus Movement (EXOD) with a buy rating, marking the shares at $25.89 after a 5.7% increase in early trading.

Analyst Mark Palmer noted that “Exodus Movement has the right product at the right time.”

The pressing need for self-custody solutions was highlighted when Bybit suffered a significant hack involving 400,000 ETH, valued at approximately $1.5 billion.

Despite recently hitting a 60% market cap retreat, Benchmark views this downturn as an attractive entry for those looking to invest in a firm with impressive operational momentum and growth potential, benefited by favorable crypto regulations in the U.S.

This decline does not reflect any operational issues; Exodus Movement recently announced strong quarterly results. The firm primarily generates revenue through its exchange aggregation features and integrates with various platforms, such as Ledger and Magic Eden.

Exodus Movement’s stock trades on NYSE American, which commenced just last December.