Bullish (NYSE:BLSH) Trading Down 5.3% Following Analyst Downgrade

Bullish (NYSE:BLSH) shares dropped 5.3% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $77.00 to $67.00. Citigroup currently has a buy rating on the stock. Bullish traded as low as $43.00 and last traded at $43.1170. Approximately 107,986 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 3,722,439 shares. The stock had previously closed at $45.52.

BLSH has been the subject of a number of other reports. Sanford C. Bernstein initiated coverage on shares of Bullish in a research report on Monday, September 8th. They issued a “market perform” rating and a $60.00 price target for the company. Keefe, Bruyette & Woods assumed coverage on shares of Bullish in a research report on Monday, September 15th. They issued a “market perform” rating and a $55.00 price objective for the company. Compass Point reaffirmed a “neutral” rating on shares of Bullish in a report on Thursday, September 18th. UBS Group set a $63.00 target price on Bullish in a report on Friday, September 19th. Finally, Cantor Fitzgerald boosted their target price on Bullish from $56.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, September 18th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $54.67.

Key Bullish News

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Citigroup kept a “buy” rating on BLSH, reaffirming analyst conviction in the company’s outlook despite other changes — this supports buying interest. Citigroup maintains bullish (BLSH) buy recommendation
• Positive Sentiment: Macro/sector tailwinds: Bitwise says structural demand for Ethereum, Solana and stablecoins (ETF accumulation, regulatory momentum) could drive crypto market growth into 2026 — a healthier crypto market would be positive for Bullish’s business. Bitwise Turns ‘Really Bullish’ on Ethereum and Solana as Stablecoins Drive Structural Demand Shift
• Neutral Sentiment: Citi lowered Bullish’s price target from $77 to $67 but kept its “buy” rating — that reduces upside expectations versus prior models while still signaling confidence in the company’s fundamentals. Benzinga coverage of Citi price target cut
• Negative Sentiment: Valuation concerns: a Yahoo Finance analysis flags that BLSH is trading at a premium after a 16% one?month rebound, raising questions about whether current multiples are justified and increasing short-term downside risk. Bullish (NYSE:BLSH): Assessing a Premium Valuation After a 16% One-Month Rebound
• Negative Sentiment: Broader analyst re-rating: coverage noting Citi cut targets on several crypto-related stocks (framed as valuation—not risk-driven) adds selling pressure across the group, which can weigh on BLSH sentiment alongside peer moves. Citi cuts targets on four crypto stocks, says move is about valuation — not risk

Institutional Investors Weigh In On Bullish

Several institutional investors have recently bought and sold shares of BLSH. Tradewinds Capital Management LLC acquired a new position in shares of Bullish in the 3rd quarter valued at about $25,000. Ameritas Advisory Services LLC purchased a new position in Bullish during the 3rd quarter valued at about $29,000. CWM LLC acquired a new stake in shares of Bullish in the 3rd quarter valued at $31,000. 10Elms LLP acquired a new stake in Bullish in the 3rd quarter valued at approximately $32,000. Finally, Tsfg LLC acquired a new stake in Bullish during the third quarter worth $45,000.

Bullish Stock Down 5.3%

The business’s 50-day moving average price is $46.72. The stock has a market cap of $6.30 billion and a PE ratio of 2,155.85. The company has a quick ratio of 36.58, a current ratio of 38.78 and a debt-to-equity ratio of 0.13.

About Bullish

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.