Bullish (NYSE:BLSH) Shares Gap Down – Here’s What Happened

Bullish (NYSE:BLSH)’s share price gapped down before the market opened on Friday . The stock had previously closed at $36.22, but opened at $34.69. Bullish shares last traded at $34.86, with a volume of 124,780 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group reduced their price objective on Bullish from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, August 17th. Citigroup restated a “buy” rating on shares of Bullish in a report on Monday, July 27th. JPMorgan Chase & Co. decreased their price target on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, August 14th. Wall Street Zen raised Bullish from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, Cantor Fitzgerald raised their price objective on shares of Bullish from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, May 15th. Four 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.com, Bullish currently has an average rating of “Hold” and an average target price of $49.27.

Bullish Stock Down 2.1%

The company’s 50 day moving average price is $26.01 and its two-hundred day moving average price is $31.88. The stock has a market cap of $5.35 billion and a P/E ratio of -3.82. The company has a current ratio of 23.52, a quick ratio of 22.41 and a debt-to-equity ratio of 0.20.

Bullish (NYSE:BLSH) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Bullish had a positive return on equity of 2.48% and a negative net margin of 389.38%.The business had revenue of $92.62 million during the quarter. Bullish’s revenue was up 62.5% compared to the same quarter last year. Equities analysts forecast that Bullish will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On Bullish

Institutional investors have recently added to or reduced their stakes in the stock. Essential Partners LLC purchased a new stake in shares of Bullish in the first quarter worth about $27,000. MetLife Investment Management LLC bought a new stake in Bullish in the fourth quarter worth $30,000. Strs Ohio bought a new stake in shares of Bullish in the 4th quarter worth about $30,000. SteelPeak Wealth LLC raised its holdings in shares of Bullish by 13.5% in the first quarter. SteelPeak Wealth LLC now owns 8,577 shares of the company’s stock worth $306,000 after buying an additional 1,019 shares during the period. Finally, North Reef Capital Management LP lifted its position in shares of Bullish by 1.6% during the fourth quarter. North Reef Capital Management LP now owns 81,280 shares of the company’s stock worth $3,078,000 after purchasing an additional 1,280 shares during the last quarter.

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.