Exodus Movement price target lowered to $20 from $30 at BTIG

BTIG lowered the firm’s price target on Exodus Movement (EXOD) to $20 from $30 and keeps a Buy rating on the shares. The firm notes that the company’s processed volume matched its estimate and the pre-announced amount, though total revenue of $29.5M beat its estimate as take rates surprised to the upside, the analyst tells investors in a research note. BTIG adds, however, that it is reducing its price target as revenue estimates are lowered in light of the recent crypto volatility.