Benchmark Initiates Coverage of Exodus Movement with Buy Rating at $38 Target
The recent hack of crypto exchange Bybit, involving 400,000 ETH valued at approximately $1.5 billion, emphasizes the importance of self-custody wallets, according to a report by Benchmark.
- Benchmark initiated coverage of Exodus Movement (EXOD) with a buy rating and a price target of $38.
- Exodus shares rose 5.7% to $25.89 in early trading.
- The company has lost over 60% of its market cap in the last five weeks, presenting an entry opportunity for investors.
- The decline is not due to performance issues; Exodus reported strong fourth-quarter results earlier this month.
- Most of Exodus' revenue comes from its exchange aggregation feature and "wallet-as-a-service" business.
- Exodus started trading on NYSE American in December 2022.