The recent Crypto Exchange Bybit hack highlights the value of self -sufficiency wallets, Broker Benchmark said in a Wednesday report that initiated the cover of Exodus Movement (Exod).
The broker started the cover of the Crypto -Tevebogfirma with a purchase rating and a price target of $ 38. The shares rose 5.7% to $ 25.89 in early trading.
The Nebraska-based company has the “right product at the right time”, wrote analyst Mark Palmer.
The need for self -defense was emphasized in recent weeks when Crypto Exchange Bybit was the subject of a 400,000 ether (ETH), worth about $ 1.5 billion.
Exodus Movement has lost more than 60% of its market capital in the last five weeks, noted the benchmark, giving a compelling entry point for investors looking for exposure to a company with “strong operating moments, the demonstrated ability to scale quickly and a headwind from the welcoming attitude towards the crypt area in the US,” the report said.
The recent weakness is not linked to concerns about the company’s operating results, the report noted when the company announced strong results in the fourth quarter earlier this month.
Exodus Movement gets most of its revenue from his Exchange Aggregation feature, said Benchmark, and its “Wallet-as-A-Service” business utilizes this technology in its Crypto Swap engine, which is integrated with platforms such as Ledger and Magic Eden.
The stock began shopping on the sneezing American New York Stock Exchange’s sibling market last December.
READ MORE: SEC approves Crypto Wallet Maker Exodus to list on Nysse American after refusing it in May
Update (12 March, 14:29 UTC): Replacing the main image
