JPMorgan Chase & Co. Lowers Bullish (NYSE:BLSH) Price Target to $26.00

Key Points

• JPMorgan Chase & Co. cut its price target on Bullish from $43 to $26 and kept a neutral rating, implying limited upside from the prior close.
• Bullish shares fell to about $26.08, leaving the stock well below its 50-day and 200-day moving averages and near its 52-week low after a recent post-earnings pullback.
• The company recently reported Q1 earnings of $0.13 per share, missing estimates, even though revenue rose 48.8% year over year to $92.83 million; analysts now expect $0.72 EPS for the full year.

Bullish (NYSE:BLSH - Get Free Report) had its price target dropped by JPMorgan Chase & Co. from $43.00 to $26.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 0.29% from the stock's previous close.

Several other equities analysts have also weighed in on BLSH. Citigroup reduced their price objective on Bullish from $67.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, March 18th. Wall Street Zen lowered Bullish from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $61.00 price target on shares of Bullish in a research report on Friday, May 15th. Weiss Ratings reissued a "sell (d)" rating on shares of Bullish in a research report on Friday, March 27th. Finally, Cantor Fitzgerald boosted their price target on Bullish from $39.00 to $43.00 and gave the stock an "overweight" rating in a research report on Friday, May 15th. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $50.67.

Bullish Price Performance

Bullish stock traded down $2.53 during midday trading on Tuesday, reaching $26.08. 1,066,248 shares of the company were exchanged, compared to its average volume of 1,665,299. The company has a market capitalization of $3.93 billion and a price-to-earnings ratio of -4.00. The firm's 50-day simple moving average is $36.74 and its 200-day simple moving average is $37.23. Bullish has a 1 year low of $24.79 and a 1 year high of $118.00. 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 (NYSE:BLSH - Get Free Report) last posted its quarterly 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 business 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 was up 48.8% on a year-over-year basis. On average, analysts anticipate that Bullish will post 0.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO Thomas W. Farley sold 80,000 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $43.95, for a total transaction of $3,516,000.00. Following the completion of the transaction, the chief executive officer directly owned 80,000 shares in the company, valued at $3,516,000. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC acquired a new position in Bullish during the 3rd quarter worth $29,000. 10Elms LLP acquired a new position in Bullish during the 3rd quarter worth $32,000. Rakuten Securities Inc. acquired a new position in Bullish during the 4th quarter worth $28,000. Essential Partners LLC acquired a new position in Bullish during the 1st quarter worth $27,000. Finally, MetLife Investment Management LLC acquired a new position in Bullish during the 4th quarter worth $30,000.

Key Stories Impacting Bullish

Here are the key news stories impacting Bullish this week:

• Neutral Sentiment: Most of today’s headlines are unrelated to Bullish’s business, focusing instead on analyst upgrades/downgrades in other stocks and broad market commentary, so they do not provide a clear direct catalyst for BLSH. Article Title
• Neutral Sentiment: Crypto-related pieces about Bitcoin and XRP may help sentiment for digital-asset names generally, but they are indirect and do not mention Bullish’s operating results or outlook. Article Title
• Neutral Sentiment: Comments from well-known strategists and executives expressing bullish views on markets and Bitcoin could support sentiment for crypto-exposed companies, but the impact on Bullish is likely limited without company-specific news. Article Title
• Negative Sentiment: Bullish stock already has a weak technical setup, trading well below its 50-day and 200-day moving averages after a post-earnings pullback and an EPS miss, which likely continues to weigh on shares.

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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