The recent Crypto Exchange Bybit trick highlights the value of Autocustody’s wallets, Bonchmark Benchmark said on a Wednesday report that starts the coverage of the Exodus movement (Exod).
The corridor began the coverage of the cryptographic wallet company with a purchase rating and an objective price of $ 38. The shares increased 5.7% to $ 25.89 in early negotiation.
The Nebraska -based company has the “right product at the right time,” analyst Mark Palmer wrote.
The need for AutoCustody stressed in recent weeks, when Crypto Exchange Bybit was subject to a 400,000 Ether Hack (ETH), for a value of approximately $ 1.5 billion.
The Exodus movement has lost more than 60% of its market capitalization in the last five weeks, said Benchmark, which gives a convincing entry point for investors seeking exposure to a company with “a strong operational impulse, the demonstrated capacity to climb quickly and a tail wind from the position accommodated towards the cryptographic space in the United States,” the report said.
The recent weakness is not linked to concerns about the company’s operational performance, the report said, since the company registered strong results of the fourth quarter earlier this month.
Exodus Movement obtains most of his income from his exchange aggregation function, said Benchmark, and his “wallet business as a service” takes advantage of this technology in his Swap Crypto engine, which is integrated with platforms such as Ledger and Magic Eden.
The actions began to quote at the Nyse American, the brothers market of the New York Stock Exchange, in December last year.
Read more: the sec approves the exodus of the crypto wallet manufacturer
Update (March 12, 14:29 UTC): Replace the lead image
