Bullish (NYSE:BLSH) Trading 12.1% Higher - What's Next?

Key Points

• Bullish shares jumped 12.1% to about $27.60 in midday trading, though volume was 67% below the average session level.
• Analyst sentiment remains mixed: the stock has an overall “Hold” rating, with an average price target of $48.92, while recent recommendations ranged from “strong sell” to “overweight.”
• Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, and met earnings expectations at $0.09 per share; however, it continues to post a deeply negative net margin of 389.38%.

Bullish (NYSE:BLSH - Get Free Report)'s stock price traded up 12.1% during mid-day trading on Wednesday . The stock traded as high as $27.41 and last traded at $27.6030. Approximately 549,161 shares traded hands during trading, a decline of 67% from the average session volume of 1,648,616 shares. The stock had previously closed at $24.62.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BLSH shares. Cantor Fitzgerald upped their target price on Bullish from $39.00 to $43.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. Zacks Research lowered Bullish from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Rosenblatt Securities dropped their price objective on Bullish from $42.50 to $30.00 and set a "neutral" rating for the company in a report on Friday, August 14th. Wall Street Zen raised Bullish from a "sell" rating to a "hold" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered Bullish from a "sell (d)" rating to a "sell (e+)" rating in a research note on Friday. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $48.92.

Bullish Trading Up 12.0%

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 company's fifty day simple moving average is $24.38 and its 200-day simple moving average is $31.70. The company has a market capitalization of $4.16 billion and a P/E ratio of -2.97.

Bullish (NYSE:BLSH - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. Bullish had a negative net margin of 389.38% and a positive return on equity of 2.48%. The business had revenue of $92.62 million for the quarter. Bullish's revenue for the quarter was up 62.5% on a year-over-year basis. Research analysts predict that Bullish will post 0.49 earnings per share for the current year.

Hedge Funds Weigh In On Bullish

A number of large investors have recently bought and sold shares of the business. Barclays PLC purchased a new stake in Bullish during the third quarter worth $2,189,000. Private Advisor Group LLC bought a new position in shares of Bullish in the 3rd quarter worth $223,000. Legal & General Group Plc bought a new position in shares of Bullish in the 3rd quarter worth $213,000. Franklin Resources Inc. purchased a new stake in shares of Bullish during the 3rd quarter worth $2,544,000. Finally, UBS Group AG bought a new stake in shares of Bullish in the 3rd quarter valued at about $14,211,000.

Bullish Company Profile

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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