Bullish (NYSE:BLSH) Sets New 52-Week Low – Should You Sell?

Shares of Bullish (NYSE:BLSH) hit a new 52-week low on Wednesday . The stock traded as low as $23.33 and last traded at $23.6140, with a volume of 776635 shares. The stock had previously closed at $24.93.

Trending Headlines about Bullish

Here are the key news stories impacting Bullish this week:

• Neutral Sentiment: Brokerage coverage currently points to a “Hold” consensus on Bullish, suggesting Wall Street is not yet broadly convinced the stock has a clear near-term upside catalyst. Bullish (NYSE:BLSH) Given Consensus Recommendation of “Hold” by Brokerages
• Positive Sentiment: Investor sentiment remains constructive in some research, with one piece highlighting Bullish as an oversold stock with high upside potential and noting that price targets still look attractive despite some recent analyst trimming. Here is What Drives a Favorable Sentiment Towards Bullish (BLSH)
• Neutral Sentiment: Recent analyst-rating headlines across other sectors may reinforce a market backdrop where investors are paying close attention to upgrades and downgrades, but they do not appear specific to Bullish’s operating outlook.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BLSH. Cantor Fitzgerald increased their price target on shares of Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, May 15th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $61.00 price objective on shares of Bullish in a research note on Friday, May 15th. Rosenblatt Securities lifted their target price on Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a report on Friday, March 27th. Finally, Wall Street Zen lowered Bullish from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Bullish presently has an average rating of “Hold” and a consensus target price of $50.67.

Bullish Trading Down 5.8%

The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18. The firm’s 50 day moving average is $35.24 and its two-hundred day moving average is $36.44. The stock has a market cap of $3.54 billion and a price-to-earnings ratio of -3.58.

Bullish (NYSE:BLSH) last issued its earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). The company 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%. Bullish’s quarterly revenue was up 48.8% compared to the same quarter last year. Equities analysts anticipate that Bullish will post 0.6 EPS for the current year.

Insider Transactions at Bullish

In related news, CEO Thomas W. Farley sold 80,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $43.95, for a total transaction of $3,516,000.00. Following the completion of the transaction, the chief executive officer directly owned 80,000 shares in the company, valued at $3,516,000. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge Funds Weigh In On Bullish

Several hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC bought a new stake in Bullish in the 3rd quarter valued at about $163,904,000. Amova Asset Management Americas Inc. acquired a new stake in shares of Bullish in the third quarter valued at approximately $91,431,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Bullish by 51.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock valued at $136,985,000 after purchasing an additional 1,304,573 shares during the period. Invesco Ltd. bought a new stake in shares of Bullish during the third quarter valued at approximately $74,658,000. Finally, UBS Group AG boosted its position in shares of Bullish by 486.1% during the fourth quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock worth $49,581,000 after buying an additional 1,085,846 shares during the period.

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.