Bullish (NYSE:BLSH) Upgraded by Compass Point to "Buy" Rating

Key Points

• Compass Point upgraded Bullish to “Buy” from “Neutral” and raised its price target to $51 from $30, implying approximately 45.6% upside from the current price.
• Analyst sentiment remains mixed: five analysts rate the stock “Buy,” five “Hold,” and one “Sell,” resulting in a consensus “Hold” rating and an average price target of $49.45.
• Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, while matching estimates with earnings of $0.09 per share; the company continues to operate with a strongly negative net margin.

Bullish (NYSE:BLSH - Get Free Report) was upgraded by equities researchers at Compass Point from a "neutral" rating to a "buy" rating in a research report issued on Monday, Benzinga reports. The brokerage presently has a $51.00 price target on the stock, up from their previous price target of $30.00. Compass Point's price target would indicate a potential upside of 45.62% from the stock's current price.

A number of other research analysts have also issued reports on the company. Canaccord Genuity Group reduced their price target on Bullish from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, August 17th. Citigroup reissued a "buy" rating on shares of Bullish in a report on Monday, July 27th. Zacks Research upgraded shares of Bullish from a "strong sell" rating to a "hold" rating in a research note on Monday, August 31st. JPMorgan Chase & Co. reduced their price objective on shares of Bullish from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, August 14th. Finally, Wall Street Zen upgraded shares of Bullish from a "sell" rating to a "hold" rating in a research report on Monday, August 3rd. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $49.45.

Bullish Price Performance

NYSE BLSH opened at $35.02 on Monday. The company has a 50-day moving average price of $27.29 and a two-hundred day moving average price of $32.03. Bullish has a 52 week low of $20.55 and a 52 week high of $74.98. The stock has a market cap of $5.28 billion and a price-to-earnings ratio of -3.78. 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 - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share for the quarter, meeting 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 company had revenue of $92.62 million for the quarter. The firm's revenue was up 62.5% compared to the same quarter last year. Analysts forecast that Bullish will post 0.46 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Quantinno Capital Management LP bought a new position in shares of Bullish during the 1st quarter valued at about $2,457,000. Intrinsic Edge Capital Management LLC acquired a new position in shares of Bullish in the 1st quarter worth approximately $7,830,000. Harvest Portfolios Group Inc. bought a new stake in shares of Bullish in the 4th quarter worth approximately $1,990,000. Renaissance Technologies LLC lifted its stake in Bullish by 178.4% during the first quarter. Renaissance Technologies LLC now owns 156,833 shares of the company's stock valued at $5,604,000 after purchasing an additional 100,500 shares during the last quarter. Finally, Galaxy Digital Inc. bought a new stake in Bullish during the first quarter worth approximately $22,331,000.

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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