Exodus Movement

EXOD · NYSE American

$5.25+$0.14 (+2.74%)TodayMarket closed · Oct 20, 8:00 PM ET

Prev close $5.11

EXOD analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $14.20 (+170.4% upside)

Low: $8.59
Now: $5.25
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

EXOD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Sep 15, 2026	Maintains	Buy	$16.00 → $12.00	46%
Cantor Fitzgerald	Aug 12, 2026	Maintains	Overweight	$14.00 → $15.00	69%
Benchmark	Jul 20, 2026	Maintains	Buy	$21.00 → $12.00	55%
BTIG	May 12, 2026	Maintains	Buy	$20.00 → $16.00	46%
Benchmark	Mar 12, 2026	Maintains	Buy	$42.00 → $21.00	55%
BTIG	Mar 12, 2026	Maintains	Buy	$30.00 → $20.00	46%
BTIG	Jan 8, 2026	Maintains	Buy	$40.00 → $30.00	46%
HC Wainwright & Co.	Dec 18, 2025	Maintains	Buy	$25.00	38%
HC Wainwright & Co.	Nov 25, 2025	Maintains	Buy	$65.00 → $25.00	38%
BTIG	Nov 25, 2025	Maintains	Buy	$40.00	46%

The case for and against

Updated Oct 14, 2026

Bull case

Exodus Movement is viewed favorably because its 2Q26 revenue of $26.2 million beat expectations and rose 1.4% year over year and 15.2% quarter over quarter, while the Monavate/Baanx acquisition expands its reach beyond a crypto wallet into payments infrastructure, stablecoin settlement, embedded finance, and enterprise crypto payments. Although adjusted EBITDA was a loss of $6.7 million due to restructuring and transaction costs, the 25% workforce reduction and expected $10–13 million of annualized savings show management is funding the pivot internally and improving the cost structure. The company’s exposure to more than 40 blockchain networks, major stablecoins, and a B2B swap business that generated $257 million of volume in Q1 supports a stronger long-term re-rating as execution shifts toward Exodus Pay and the combined stack.

Bear case

Exodus Movement is facing a weak core exchange business because crypto market cap fell 12.6% in 2Q, BTC declined 14.2%, ETH fell 25.4%, and CEX spot volume dropped about 28% q/q to roughly $1.95tn, pressuring the revenue base that still depends heavily on exchange aggregation. The company’s diversification into Monavate and Baanx offers long-term optionality, but consensus appears to assume a 2027 contribution well above the businesses’ proven run-rate, while the constrained European card-issuing program and a large client moving card processing in-house create execution risk. At the same time, the 25% workforce reduction signals cost discipline, yet the expected $2.5m to $3.5m pre-tax charge and reliance on third parties, top-five customers at 77% of revenue, and volatile crypto flows underscore a fragile fundamental profile.

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