Zacks Research Downgrades Bullish (NYSE:BLSH) to Strong Sell

Bullish (NYSE:BLSH) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $61.00 target price on shares of Bullish in a research note on Friday, May 15th. Wall Street Zen lowered shares of Bullish from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Citigroup cut their price target on shares of Bullish from $67.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. JPMorgan Chase & Co. decreased their price objective on shares of Bullish from $43.00 to $26.00 and set a “neutral” rating for the company in a research report on Tuesday, June 16th. Finally, Rosenblatt Securities boosted their price objective on shares of Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Bullish presently has a consensus rating of “Hold” and a consensus price target of $50.67.

Bullish Stock Performance

Shares of NYSE BLSH opened at $24.96 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 25.23 and a current ratio of 26.42. The stock has a 50 day moving average price of $30.28 and a 200 day moving average price of $34.32. The stock has a market capitalization of $3.77 billion and a PE ratio of -3.81. Bullish has a 52 week low of $21.76 and a 52 week high of $118.00.

Bullish (NYSE:BLSH) last posted its quarterly 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). Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The company had revenue of $92.83 million for the quarter. The company’s revenue for the quarter was up 48.8% on a year-over-year basis. Analysts predict that Bullish will post 0.57 earnings per share for the current fiscal year.

Insider Buying and Selling

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 shares were sold at an average price of $43.95, for a total transaction of $3,516,000.00. Following the transaction, the chief executive officer directly owned 80,000 shares of the company’s stock, valued at approximately $3,516,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Bullish

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. bought a new stake in Bullish during the fourth quarter worth $28,000. Essential Partners LLC bought a new position in shares of Bullish in the 1st quarter valued at $27,000. MetLife Investment Management LLC bought a new position in shares of Bullish in the 4th quarter valued at $30,000. Strs Ohio acquired a new position in shares of Bullish during the 4th quarter worth $30,000. Finally, Allworth Financial LP acquired a new position in shares of Bullish during the 3rd quarter worth $65,000.

Key Headlines Impacting Bullish

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish added Thomas Cowan, a tokenization specialist from Galaxy, to lead its tokenization strategy; his background in launching compliant tokenized products could help accelerate Bullish’s efforts in this emerging market. Bullish appoints Thomas Cowan as Head of Tokenization
• Positive Sentiment: The company is building a broader tokenized securities infrastructure around its regulated exchange, CoinDesk data services, and planned Equiniti acquisition, which could create a new growth avenue if adoption picks up. Bullish appoints Thomas Cowan as Head of Tokenization
• Neutral Sentiment: News flow across crypto and fintech names also kept sentiment constructive, with broader analyst optimism around digital assets and risk assets helping the backdrop for BLSH. This Five-Star KeyBanc Analyst Turns More Bullish on Chip Stocks, Lifts Targets for AMD, NVDA, MRVL, MU, and ARM
• Neutral Sentiment: At the same time, the announcement is still early-stage and tied to forward-looking plans, including a pending acquisition and regulatory approvals, so the market may be waiting for execution details before assigning more value. Bullish appoints Thomas Cowan as Head of Tokenization

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.