The recent crypto exchange bybit habitant highlights the value of self-toilet portfolios, said Broker Benchmark in a Wednesday report initiating the coverage of the exodus movement (exod).
The broker started coverage of the Crypto portfolio company with a purchase note and a price target of $ 38. The shares increased by 5.7% to $ 25.89 at the start of negotiations.
The Nebraska based company has the “right product at the right time,” wrote analyst Mark Palmer.
The need for self-detention has been highlighted in recent weeks when Crypto Exchange Bybit has been hacking of 400,000 ether (ETH), worth 1.5 billion dollars.
The exodus movement has lost more than 60% of its market capitalization in the past five weeks, noted Benchmark, giving a convincing entry point for investors looking for an exposure to a company with “a strong operational moment, the demonstrated capacity to evolve quickly and a rear wind of the accommodating position towards cryptographic space in the United States”, indicates the report.
Recent weakness is not linked to concerns about the operational performance of the company, noted the report, because the company published solid results in the fourth quarter at the beginning of the month.
The exodus movement draws most of its income from its exchange function, said Benchmark, and its company “Wallet-As-a-Service” operates this technology in its crypto exchange engine, which is integrated into platforms such as Ledger and Magic Eden.
The action began to negotiate on the American NYSE, the brothers and sisters market of the New York Stock Exchange in December of last year.
Read more: Dry approves the exodus of the Crypto portfolio manufacturer
Update (March 12, 14:29 UTC): Replaces the image of lead
