Bullish (NYSE:BLSH) Trading 12.1% Higher – What’s Next?

Bullish (NYSE:BLSH) shares rose 12.1% on Wednesday . The stock traded as high as $27.41 and last traded at $27.6030. Approximately 549,161 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 1,648,616 shares. The stock had previously closed at $24.62.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings lowered shares of Bullish from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday. Canaccord Genuity Group decreased their price objective on Bullish from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday. Zacks Research cut Bullish from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Cantor Fitzgerald boosted their target price on Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Finally, Rosenblatt Securities reduced their target price on Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Four equities research 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.92.

Bullish Stock Performance

The company has a quick ratio of 22.41, a current ratio of 23.52 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $4.16 billion and a PE ratio of -2.97. The firm has a 50 day moving average price of $24.38 and a 200-day moving average price of $31.70.

Bullish (NYSE:BLSH) last issued its earnings results on Thursday, August 13th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. Bullish had a positive return on equity of 2.48% and a negative net margin of 389.38%.The firm had revenue of $92.62 million for the quarter. The company’s quarterly revenue was up 62.5% compared to the same quarter last year. Research analysts expect that Bullish will post 0.49 EPS for the current fiscal year.

Institutional Trading of Bullish

Hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC lifted its holdings in Bullish by 87.1% in the fourth quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock valued at $182,598,000 after acquiring an additional 2,244,991 shares during the period. Amova Asset Management Americas Inc. grew its stake in shares of Bullish by 51.9% during the 1st quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company’s stock worth $137,139,000 after purchasing an additional 1,311,243 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Bullish by 51.6% during the 1st 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 in the last quarter. Invesco Ltd. purchased a new position in shares of Bullish during the 3rd quarter valued at approximately $74,658,000. Finally, UBS Group AG lifted its stake in shares of Bullish by 486.1% in the 4th quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock valued at $49,581,000 after purchasing an additional 1,085,846 shares during the period.

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.