StoneX keeps Buy rating on Exodus with $12 target as break-even nears

StoneX analyst Mark Palmer is sticking with his Buy rating on Exodus Movement, keeping a $12 price target on a stock that recently traded at $4.63. His core argument: Exodus is closing in on adjusted break-even, and its payments business is doing the heavy lifting.

The Block reported Palmer’s reiterated rating on November 12, 2026. On the day of the report, Exodus shares (ticker: EXOD) rose nearly 7% intraday to $4.63.

The rating follows Exodus’s third-quarter 2026 results. Revenue came in at $32.5 million, up 7% from the same quarter a year earlier.

Exodus posted an adjusted EBITDA loss of $3.9 million for the quarter. That compares with a loss of $6.7 million in Q2, so the company cut its quarterly burn by a meaningful margin in just three months.

Payments were the standout. The segment generated $10.9 million in revenue during Q3, roughly a third of the company’s total.

Payments transaction volume reached approximately $1.1 billion in the quarter.

The company reduced its headcount from 326 to 214 employees.

Exodus is targeting roughly $30 million in annual operating expense savings as it heads into 2027.

StoneX is not out on a limb here. Analysts at five firms covering Exodus currently rate the stock a Strong Buy on a consensus basis.

Their average 12-month price target sits at roughly $11.7. Individual targets range from $8.50 at the low end to $15 at the high end.

Against recent trading levels in the $4 to $5 range, Palmer’s $12 target implies upside of about 150% to 170%. Even the most cautious target on the board sits well above where the stock trades today.

BTIG and Northland have also kept their optimistic stances on Exodus. That support held even after several firms trimmed their targets earlier this year as crypto trading volumes softened.

Exodus built its name on self-custodial crypto wallets, where users hold their own keys rather than trusting an exchange. The catch is that wallet revenue tends to track user activity. When crypto trading cools, swaps and other wallet-driven transactions cool with it.

That dynamic is exactly what prompted analysts to lower targets earlier in the year. Softer volumes meant softer wallet revenue, and the company needed another story.

Watch the adjusted EBITDA line, payments volume, and any update on cost savings, because those three figures are the pillars of the StoneX case.