Bullish (NYSE:BLSH) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded Bullish from hold to strong sell, adding to a mixed analyst picture that still leaves the stock with a consensus Hold rating.
• Despite the downgrade, Bullish was up 9.2% and opened at $24.96, well below its 50-day and 200-day moving averages and far off its 52-week high of $118.
• The company’s latest quarter showed 48.8% revenue growth to $92.83 million, but EPS came in below expectations, and CEO Thomas W. Farley also disclosed a large stock sale.

Bullish (NYSE:BLSH - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Monday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Rosenblatt Securities upped their target price on shares of Bullish from $39.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. decreased their price target on Bullish from $43.00 to $26.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 16th. Wall Street Zen cut Bullish from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Bullish in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald lifted their price objective on Bullish from $39.00 to $43.00 and gave the stock an "overweight" rating in a report on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Bullish presently has a consensus rating of "Hold" and an average target price of $50.67.

Bullish Trading Up 9.2%

NYSE:BLSH opened at $24.96 on Monday. The stock has a fifty day moving average price of $30.28 and a two-hundred day moving average price of $34.32. The stock has a market capitalization of $3.77 billion and a price-to-earnings ratio of -3.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 25.23 and a current ratio of 26.42. Bullish has a 1 year low of $21.76 and a 1 year high of $118.00.

Bullish (NYSE:BLSH - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.04). The company had revenue of $92.83 million for the quarter. Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The business's revenue for the quarter was up 48.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bullish will post 0.57 earnings per share for the current fiscal year.

Insider Activity

In other Bullish news, CEO Thomas W. Farley sold 80,000 shares of the company's stock in a transaction dated 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 owned 80,000 shares of the company's stock, valued at $3,516,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC boosted its stake in shares of Bullish by 87.1% during the fourth quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company's stock valued at $182,598,000 after acquiring an additional 2,244,991 shares during the last quarter. Amova Asset Management Americas Inc. raised its stake in Bullish by 51.9% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company's stock valued at $137,139,000 after purchasing an additional 1,311,243 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Bullish by 51.6% in the 1st 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 in the last quarter. Invesco Ltd. acquired a new stake in shares of Bullish during the 3rd quarter worth about $74,658,000. Finally, UBS Group AG boosted its stake in shares of Bullish by 486.1% during the 4th quarter. UBS Group AG now owns 1,309,248 shares of the company's stock worth $49,581,000 after purchasing an additional 1,085,846 shares during the last quarter.

Key Bullish News

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish added Thomas Cowan, a tokenization specialist from Galaxy, to lead its tokenization strategy; his background in launching compliant tokenized products could help accelerate Bullish’s efforts in this emerging market. Bullish appoints Thomas Cowan as Head of Tokenization
• Positive Sentiment: The company is building a broader tokenized securities infrastructure around its regulated exchange, CoinDesk data services, and planned Equiniti acquisition, which could create a new growth avenue if adoption picks up. Bullish appoints Thomas Cowan as Head of Tokenization
• Neutral Sentiment: News flow across crypto and fintech names also kept sentiment constructive, with broader analyst optimism around digital assets and risk assets helping the backdrop for BLSH. This Five-Star KeyBanc Analyst Turns More Bullish on Chip Stocks, Lifts Targets for AMD, NVDA, MRVL, MU, and ARM
• Neutral Sentiment: At the same time, the announcement is still early-stage and tied to forward-looking plans, including a pending acquisition and regulatory approvals, so the market may be waiting for execution details before assigning more value. Bullish appoints Thomas Cowan as Head of Tokenization

About Bullish

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.

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