Bullish (NYSE:BLSH) Shares Gap Down - What's Next?

Key Points

• Bullish shares opened lower, falling from a prior close of $36.22 to $34.69 and last trading around $34.86.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $49.27 price target, while recent firms adjusted targets between $25 and $45.
• Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, and earnings of $0.09 per share in line with estimates, though its net margin remained deeply negative at -389.38%.

Bullish (NYSE:BLSH - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $36.22, but opened at $34.69. Bullish shares last traded at $34.86, with a volume of 124,780 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BLSH shares. Canaccord Genuity Group cut their price objective on shares of Bullish from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, August 17th. Wall Street Zen raised Bullish from a "sell" rating to a "hold" rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Bullish from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Friday, August 14th. Weiss Ratings downgraded Bullish from a "sell (d)" rating to a "sell (e+)" rating in a research report on Friday, August 14th. Finally, Cantor Fitzgerald boosted their price objective on shares of Bullish from $39.00 to $43.00 and gave the stock an "overweight" rating in a research note 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.27.

Bullish Stock Down 2.1%

The firm has a market cap of $5.35 billion and a P/E ratio of -3.82. 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 stock's 50 day simple moving average is $26.01 and its 200 day simple moving average is $31.88.

Bullish (NYSE:BLSH - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.09 EPS for the quarter, hitting 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 firm had revenue of $92.62 million during the quarter. Bullish's quarterly revenue was up 62.5% on a year-over-year basis. Research analysts anticipate that Bullish will post 0.46 EPS for the current year.

Hedge Funds Weigh In On Bullish

Institutional investors have recently added to or reduced their stakes in the stock. Essential Partners LLC bought a new position in shares of Bullish during the 1st quarter valued at approximately $27,000. MetLife Investment Management LLC bought a new stake in Bullish in the 4th quarter valued at about $30,000. Strs Ohio bought a new stake in shares of Bullish in the fourth quarter valued at approximately $30,000. SteelPeak Wealth LLC grew its position in shares of Bullish by 13.5% in the first quarter. SteelPeak Wealth LLC now owns 8,577 shares of the company's stock valued at $306,000 after purchasing an additional 1,019 shares in the last quarter. Finally, North Reef Capital Management LP increased its position in shares of Bullish by 1.6% during the fourth quarter. North Reef Capital Management LP now owns 81,280 shares of the company's stock valued at $3,078,000 after buying an additional 1,280 shares during the period.

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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