Bullish (NYSE:BLSH) Stock Price Down 7.8% – What’s Next?

Shares of Bullish (NYSE:BLSH) fell 7.8% during mid-day trading on Monday . The company traded as low as $32.70 and last traded at $32.19. 489,481 shares changed hands during trading, a decline of 70% from the average session volume of 1,643,347 shares. The stock had previously closed at $34.91.

Analysts Set New Price Targets

A number of brokerages have issued reports on BLSH. Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a research report on Friday, March 27th. Wall Street Zen upgraded Bullish from a “sell” rating to a “hold” rating in a research report on Monday, February 23rd. Citigroup lowered their price target on Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. JPMorgan Chase & Co. lowered their price target on Bullish from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Finally, Cantor Fitzgerald increased their price target on Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Bullish presently has an average rating of “Hold” and an average target price of $51.92.

Bullish Stock Performance

The firm has a market cap of $5.02 billion and a PE ratio of -5.10. The firm has a 50-day moving average price of $38.58 and a two-hundred day moving average price of $38.12. The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18.

Bullish (NYSE:BLSH) last released its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). The firm had revenue of $92.83 million during the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The company’s quarterly revenue was up 48.8% on a year-over-year basis. Research analysts forecast that Bullish will post 0.72 EPS for the current fiscal year.

Insider Buying and Selling at Bullish

In other news, CEO Thomas W. Farley sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $43.95, for a total value of $3,516,000.00. Following the transaction, the chief executive officer owned 80,000 shares in the company, valued at $3,516,000. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Hedge Funds Weigh In On Bullish

Several hedge funds and other institutional investors have recently made changes to their positions in BLSH. Ameritas Advisory Services LLC acquired a new position in Bullish during the third quarter worth $29,000. 10Elms LLP acquired a new position in Bullish during the third quarter worth $32,000. Tsfg LLC acquired a new position in Bullish during the third quarter worth $45,000. Rakuten Securities Inc. acquired a new position in Bullish during the fourth quarter worth $28,000. Finally, Essential Partners LLC acquired a new position in Bullish during the first quarter worth $27,000.

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.