Bullish $BLSH Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its Bullish stake by 51.6% in Q1, buying 1.3 million additional shares and ending with 3.83 million shares valued at about $137 million.
• Bullish reported mixed quarterly results, with EPS of $0.13 missing estimates of $0.17 even as revenue rose 48.8% year over year to $92.83 million.
• Analysts remain cautious overall: Bullish has a Hold consensus rating and an average price target of $50.67, while CEO Thomas W. Farley also sold 80,000 shares in May.

Sumitomo Mitsui Trust Group Inc. raised its stake in Bullish (NYSE:BLSH - Free Report) by 51.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,833,886 shares of the company's stock after acquiring an additional 1,304,573 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 2.54% of Bullish worth $136,985,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Rakuten Securities Inc. bought a new stake in shares of Bullish in the 4th quarter worth approximately $28,000. Strs Ohio bought a new position in Bullish during the 4th quarter worth $30,000. MetLife Investment Management LLC bought a new position in Bullish during the 4th quarter worth $30,000. Kestra Advisory Services LLC acquired a new stake in Bullish in the fourth quarter worth $61,000. Finally, Allworth Financial LP bought a new stake in Bullish in the third quarter valued at $65,000.

Bullish Stock Performance

Shares of NYSE BLSH traded down $0.52 during midday trading on Friday, reaching $24.28. 830,520 shares of the company traded hands, compared to its average volume of 1,589,436. Bullish has a 52 week low of $21.76 and a 52 week high of $118.00. The stock has a 50-day moving average price of $30.99 and a 200 day moving average price of $34.66. The company has a debt-to-equity ratio of 0.18, a current ratio of 26.42 and a quick ratio of 25.23. The company has a market cap of $3.66 billion and a price-to-earnings ratio of -3.71.

Bullish (NYSE:BLSH - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.04). The company had revenue of $92.83 million during the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. Bullish's revenue for the quarter was up 48.8% on a year-over-year basis. Sell-side analysts anticipate that Bullish will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BLSH has been the subject of several analyst reports. Cantor Fitzgerald boosted their price target on shares of Bullish from $39.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, May 15th. JPMorgan Chase & Co. dropped their price objective on shares of Bullish from $43.00 to $26.00 and set a "neutral" rating on the stock in a report on Tuesday, June 16th. Rosenblatt Securities boosted their target price on shares of Bullish from $39.00 to $45.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. Weiss Ratings restated a "sell (d)" rating on shares of Bullish in a research report on Wednesday, June 24th. Finally, Citigroup dropped their price target on shares of Bullish from $67.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Bullish currently has a consensus rating of "Hold" and an average price target of $50.67.

Insider Buying and Selling at Bullish

In other news, CEO Thomas W. Farley sold 80,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 80,000 shares of the company's stock, valued at approximately $3,516,000. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Bullish 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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