Bullish (NYSE:BLSH) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Bullish (NYSE:BLSH) in a research note published on Friday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $38.00 target price on the stock.

A number of other research firms have also recently issued reports on BLSH. Rosenblatt Securities decreased their price objective on shares of Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Zacks Research upgraded Bullish from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Compass Point upgraded Bullish from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $51.00 in a research report on Monday, September 14th. Weiss Ratings downgraded Bullish from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Finally, Citigroup reiterated a “buy” rating on shares of Bullish in a report on Monday, July 27th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $44.64.

Bullish Trading Down 1.8%

NYSE BLSH opened at $34.17 on Friday. Bullish has a 1-year low of $20.55 and a 1-year high of $70.50. The company has a current ratio of 23.52, a quick ratio of 22.41 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average of $31.03 and a 200-day moving average of $32.27. The firm has a market cap of $5.15 billion, a PE ratio of -3.69 and a beta of 0.70.

Bullish (NYSE:BLSH) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting 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 for the quarter. The business’s revenue for the quarter was up 62.5% on a year-over-year basis. As a group, sell-side analysts forecast that Bullish will post 0.46 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Essential Partners LLC purchased a new stake in Bullish in the first quarter worth $27,000. Integrated Wealth Concepts LLC bought a new stake in shares of Bullish during the 2nd quarter valued at $59,000. Global Assets Advisory LLC purchased a new stake in shares of Bullish in the 1st quarter worth about $134,000. Versant Capital Management Inc grew its position in shares of Bullish by 975.3% in the 3rd quarter. Versant Capital Management Inc now owns 3,914 shares of the company’s stock worth $137,000 after buying an additional 3,550 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Bullish during the 1st quarter valued at about $143,000.

Key Bullish News

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, and earnings of $0.09 per share, in line with analysts’ estimates. The company also maintains substantial liquidity, reflected in current and quick ratios above 22. Bullish stock and earnings information
• Neutral Sentiment: Wells Fargo initiated coverage of Bullish (BLSH) with an Equal Weight rating. The neutral stance suggests the analyst sees the shares as fairly valued relative to expected performance, limiting the impact of the company’s strong revenue growth on investor sentiment. Wells Fargo initiates coverage on Bullish
• Neutral Sentiment: Recent reports comparing Bullish with industry peers may give investors additional context on valuation and operating performance, but the available information does not identify a clear competitive advantage or an immediate earnings catalyst. Comparing Bullish and its peers
• Negative Sentiment: Keefe, Bruyette & Woods issued a pessimistic forecast for Bullish, adding to selling pressure. The caution is significant because Bullish continues to post a deeply negative net margin, despite positive quarterly EPS and rapid revenue growth. Keefe, Bruyette and Woods forecast for Bullish

Bullish Company Profile

Bullish is a digital asset financial services company that operates a regulated cryptocurrency exchange and related market infrastructure. Its platform is designed to serve institutional and professional investors by providing access to spot digital asset trading, custody, lending and other trading services.

The company also develops technology intended to support deeper liquidity, transparent price discovery and efficient execution in cryptocurrency markets. Bullish has operated internationally, serving customers and market participants across multiple global jurisdictions, subject to applicable regulatory requirements.

Bullish was established in 2021 with backing from Block.one and other investors.