Bullish (NYSE:BLSH) Shares Gap Up Following Analyst Upgrade

Shares of Bullish (NYSE:BLSH) gapped up prior to trading on Monday after Compass Point upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $35.12, but opened at $36.70. Compass Point now has a $51.00 price target on the stock, up from their previous price target of $30.00. Bullish shares last traded at $37.6010, with a volume of 364,871 shares trading hands.

BLSH has been the topic of several other reports. Zacks Research raised shares of Bullish from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Rosenblatt Securities cut their price target on shares of Bullish from $42.50 to $30.00 and set a “neutral” rating for the company in a report on Friday, August 14th. JPMorgan Chase & Co. reduced their price target on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Weiss Ratings downgraded shares of Bullish from a “sell (d)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Citigroup restated a “buy” rating on shares of Bullish in a research note on Monday, July 27th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.45.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BLSH. Essential Partners LLC acquired a new stake in Bullish during the 1st quarter worth approximately $27,000. MetLife Investment Management LLC bought a new position in shares of Bullish during the fourth quarter valued at $30,000. Integrated Wealth Concepts LLC bought a new stake in shares of Bullish in the second quarter worth $59,000. Kestra Advisory Services LLC bought a new stake in shares of Bullish in the fourth quarter worth $61,000. Finally, California State Teachers Retirement System acquired a new stake in Bullish in the fourth quarter valued at $78,000.

Bullish Stock Performance

The firm has a market capitalization of $5.69 billion and a P/E ratio of -4.07. The company has a 50-day moving average of $27.29 and a 200-day moving average of $32.03. 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 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $92.62 million for the quarter. Bullish had a positive return on equity of 2.48% and a negative net margin of 389.38%.The company’s revenue was up 62.5% on a year-over-year basis. On average, equities analysts anticipate that Bullish will post 0.46 earnings per share for the current fiscal year.

Bullish Company Profile

Bullish is a digital asset exchange and financial technology company that provides infrastructure and trading services for the cryptocurrency market. Its platform is designed to serve institutional and professional investors, offering access to digital asset trading and related market services.

The company’s activities include spot cryptocurrency trading, custody and portfolio-management tools, lending services, and market data. Bullish emphasizes institutional-grade infrastructure, liquidity, security and regulatory compliance in the operation of its digital asset marketplace.

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