Bullish (NYSE:BLSH) Stock Price Target Cut by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Bullish’s price target from $55 to $40 while maintaining a “market perform” rating, implying roughly 11.15% upside from the prior close.
• Analyst sentiment remains mixed: Bullish has an average “Hold” rating and a consensus price target of $45.30, based on five Buy, five Hold, and one Sell recommendation.
• Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, and earnings of $0.09 per share in line with estimates; however, it posted a negative net margin of 389.38%.

Bullish (NYSE:BLSH - Get Free Report) had its target price lowered by stock analysts at Keefe, Bruyette & Woods from $55.00 to $40.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 11.15% from the company's previous close.

A number of other equities research analysts have also issued reports on the stock. Compass Point raised shares of Bullish from a "neutral" rating to a "buy" rating and upped their price objective for the company from $30.00 to $51.00 in a report on Monday, September 14th. Zacks Research upgraded shares of Bullish from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Rosenblatt Securities dropped their price target on shares of Bullish from $42.50 to $30.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Bullish from a "sell" rating to a "hold" rating in a report on Monday, August 3rd. Finally, Citigroup reaffirmed a "buy" rating on shares of Bullish in a research report on Monday, July 27th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $45.30.

Bullish Stock Performance

NYSE BLSH opened at $35.99 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 22.41 and a current ratio of 23.52. The stock's fifty day moving average is $30.18 and its two-hundred day moving average is $32.30. The firm has a market capitalization of $5.43 billion and a P/E ratio of -3.89. Bullish has a fifty-two week low of $20.55 and a fifty-two week high of $70.50.

Bullish (NYSE:BLSH - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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. The firm's revenue was up 62.5% on a year-over-year basis. On average, research analysts anticipate that Bullish will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On Bullish

A number of hedge funds have recently made changes to their positions in BLSH. Essential Partners LLC purchased a new stake in Bullish in the first quarter valued at approximately $27,000. Integrated Wealth Concepts LLC acquired a new position in Bullish during the second quarter worth $59,000. Global Assets Advisory LLC purchased a new position in shares of Bullish during the first quarter worth $134,000. Public Employees Retirement System of Ohio purchased a new position in shares of Bullish during the second quarter worth $138,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Bullish in the first quarter valued at $143,000.

About Bullish

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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