Bullish (NYSE:BLSH) Given Buy Rating at Canaccord Genuity Group

Key Points

• Canaccord Genuity reaffirmed its “Buy” rating on Bullish with a $45 price target, implying approximately 10.18% upside from the stock’s current price.
• Analyst sentiment is mixed: five analysts rate Bullish a Buy, four rate it Hold, and one rates it Sell, resulting in a consensus “Hold” rating and a $45.89 average price target.
• Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, while earnings of $0.09 per share matched estimates; the stock opened at $40.84 and was recently up 1.8%.

Bullish (NYSE:BLSH - Get Free Report)'s stock had its "buy" rating restated by analysts at Canaccord Genuity Group in a research report issued on Wednesday, Benzinga reports. They currently have a $45.00 price objective on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 10.18% from the company's current price.

Other equities analysts also recently issued reports about the company. Rosenblatt Securities decreased their target price on Bullish from $42.50 to $30.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. Zacks Research raised Bullish from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. UBS Group set a $43.00 price objective on Bullish in a research note on Monday. Compass Point raised Bullish from a "neutral" rating to a "buy" rating and increased their target price for the stock from $30.00 to $51.00 in a research report on Monday, September 14th. Finally, Weiss Ratings cut Bullish from a "sell (d)" rating to a "sell (e+)" rating in a research note on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $45.89.

Bullish Stock Up 1.8%

BLSH stock opened at $40.84 on Wednesday. The firm has a market cap of $6.16 billion and a price-to-earnings ratio of -4.41. Bullish has a 1-year low of $20.55 and a 1-year high of $74.98. The firm has a fifty day moving average price of $28.99 and a two-hundred day moving average price of $32.22. The company has a debt-to-equity ratio of 0.20, a current ratio of 23.52 and a quick ratio of 22.41.

Bullish (NYSE:BLSH - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.09 earnings per share for the quarter, meeting analysts' consensus estimates of $0.09. The business had revenue of $92.62 million during the quarter. Bullish had a negative net margin of 389.38% and a positive return on equity of 2.48%. The firm's revenue was up 62.5% on a year-over-year basis. Research analysts predict that Bullish will post 0.46 EPS for the current year.

Institutional Investors Weigh In On Bullish

Several institutional investors have recently bought and sold shares of BLSH. Amova Asset Management Americas Inc. increased its holdings in shares of Bullish by 51.9% in the first quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company's stock valued at $137,139,000 after buying an additional 1,311,243 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Bullish by 51.6% during the first 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 during the last quarter. Galaxy Digital Inc. acquired a new position in shares of Bullish in the 1st quarter valued at $22,331,000. Norges Bank acquired a new position in shares of Bullish in the 4th quarter valued at $17,042,000. Finally, Stephens Investment Management Group LLC increased its stake in Bullish by 38.6% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,178,599 shares of the company's stock worth $42,111,000 after purchasing an additional 328,351 shares in the last quarter.

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.

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