Bullish (NYSE:BLSH) Sets New 1-Year Low – Here’s What Happened

Bullish (NYSE:BLSH)’s share price 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 changing hands. The stock had previously closed at $24.93.

Key Headlines Impacting 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BLSH. Rosenblatt Securities increased their price target on Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Bullish in a research note on Friday, March 27th. Citigroup dropped their price target on shares of Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. JPMorgan Chase & Co. decreased their price objective on shares of Bullish from $43.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $61.00 price objective on shares of Bullish 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.67.

Bullish Stock Performance

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

Bullish (NYSE:BLSH) last released its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The firm had revenue of $92.83 million for the quarter. The company’s revenue for the quarter was up 48.8% compared to the same quarter last year. As a group, equities research analysts expect that Bullish will post 0.6 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. acquired a new stake in shares of Bullish during the 3rd quarter valued at $999,000. JPMorgan Chase & Co. purchased a new stake in shares of Bullish during the third quarter valued at $9,864,000. Vestmark Advisory Solutions Inc. acquired a new position in shares of Bullish in the 3rd quarter valued at $2,717,000. TD Asset Management Inc acquired a new position in shares of Bullish in the 3rd quarter valued at $3,557,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Bullish in the 3rd quarter worth about $2,723,000.

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.