Bullish (NYSE:BLSH) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Bullish (NYSE:BLSH) from a hold rating to a sell rating in a research note published on Sunday.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Bullish from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Rosenblatt Securities reduced their price objective on Bullish from $52.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a research note on Monday, December 29th. Citigroup decreased their target price on shares of Bullish from $77.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Finally, Canaccord Genuity Group cut their price target on Bullish from $68.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, November 24th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bullish currently has a consensus rating of “Hold” and a consensus price target of $52.08.

Bullish Stock Performance

Bullish stock opened at $32.03 on Friday. Bullish has a fifty-two week low of $24.79 and a fifty-two week high of $118.00. The company has a market capitalization of $4.68 billion and a P/E ratio of 320.30. The company’s 50 day moving average is $37.40. The company has a quick ratio of 27.69, a current ratio of 29.28 and a debt-to-equity ratio of 0.15.

Bullish (NYSE:BLSH) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($3.73) EPS for the quarter, missing the consensus estimate of $0.16 by ($3.89). The firm had revenue of $92.50 million for the quarter. Bullish had a negative net margin of 0.95% and a negative return on equity of 10.58%. The company’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.37 EPS.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Bullish by 87.1% during the 4th quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock worth $182,598,000 after buying an additional 2,244,991 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Bullish by 75.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,529,313 shares of the company’s stock valued at $95,785,000 after acquiring an additional 1,086,420 shares during the last quarter. Amova Asset Management Americas Inc. raised its holdings in shares of Bullish by 75.7% in the 4th quarter. Amova Asset Management Americas Inc. now owns 2,524,820 shares of the company’s stock worth $95,514,000 after purchasing an additional 1,087,452 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Bullish by 7.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,563,985 shares of the company’s stock worth $59,228,000 after buying an additional 104,724 shares during the period. Finally, UBS Group AG lifted its position in Bullish by 486.1% during the 4th quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock worth $49,581,000 after acquiring an additional 1,085,846 shares in the last quarter.

Bullish News Summary

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Analysts published a higher target for BLSH that suggests meaningful upside from current levels — this note is the most direct bullish catalyst and likely the primary reason for today’s buying. Analysts Set Bullish (NYSE:BLSH) Target Price at $52.08
• Neutral Sentiment: Technical and liquidity picture is mixed: the 50-day moving average (~$37.40) sits above the stock, and volume was below average today — this can limit the magnitude of any rally until conviction improves.
• Negative Sentiment: Recent quarterly results remain a headwind: BLSH reported a large EPS miss (reported -$3.73 vs. $0.16 expected), negative net margin and negative ROE despite revenue rising ~67.6% year-over-year — those profitability issues and a very high trailing P/E (~320) leave the stock exposed to downside if execution or margins don’t improve.

Bullish Company Profile

Bullish (NYSE: BLSH) is a company that develops and operates digital asset market infrastructure, including a cryptocurrency trading platform and related technology services. The firm’s stated activities focus on providing exchange services, market structure and trading technology designed to support the listing, execution and clearing of digital assets. Bullish positions itself as a bridge between traditional capital markets practices and the evolving cryptocurrency ecosystem.

The business was announced in connection with Block.one, the software developer known for its work on the EOS blockchain, and was formed with the intent of creating a regulated, institutional-grade marketplace for digital assets.