BTIG Cuts Exodus Price Target to $12 Amid Ongoing Market Pressures

BTIG, a research firm, has reduced its price target for Exodus Movement Inc. to $12 from $16, citing adjustments to the company's valuation.

The revised target represents a 25% decrease from the previous level and comes despite BTIG maintaining its Buy rating on the stock.

Exodus Movement operates a cryptocurrency wallet and exchange platform, which trades under the ticker EXOD. The company has seen significant declines in recent years, with its stock price currently sitting at $6.33, down 77% over the past year due to broader market pressures.

Notably, Exodus Movement reported revenue of $26.2 million for the quarter, a 1.4% increase year-over-year and a 15.2% rise quarter-over-quarter. However, this was accompanied by an adjusted EBITDA loss of $6.7 million, wider than Cantor Fitzgerald's estimate of a $3.7 million loss.