Bullish (NYSE:BLSH) Shares Gap Up Following Analyst Upgrade

Key Points

• Bullish shares opened higher after Compass Point upgraded the stock from Neutral to Buy, raising its price target from $30 to $51. Shares opened at $36.70, up from a prior close of $35.12.
• Analyst sentiment remains mixed overall: five analysts rate Bullish a Buy, five rate it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $49.45.
• Institutional ownership increased among several major investors, including ARK Investment Management and Invesco. Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, while earnings per share matched estimates at $0.09.

Bullish (NYSE:BLSH - Get Free Report) shares gapped up prior to trading on Monday after Compass Point upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $35.12, but opened at $36.70. Compass Point now has a $51.00 price target on the stock, up from their previous price target of $30.00. Bullish shares last traded at $37.6010, with a volume of 364,871 shares changing hands.

A number of other equities research analysts have also commented on BLSH. Citigroup restated a "buy" rating on shares of Bullish in a report on Monday, July 27th. Rosenblatt Securities reduced their target price on shares of Bullish from $42.50 to $30.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. Canaccord Genuity Group lowered their target price on Bullish from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, August 17th. Wall Street Zen upgraded Bullish from a "sell" rating to a "hold" rating in a report on Monday, August 3rd. Finally, Zacks Research raised Bullish from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $49.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC raised its holdings in shares of Bullish by 87.1% in the 4th quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company's stock valued at $182,598,000 after purchasing an additional 2,244,991 shares during the period. Amova Asset Management Americas Inc. increased its position in Bullish by 51.9% during the first quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company's stock worth $137,139,000 after buying an additional 1,311,243 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Bullish by 51.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company's stock valued at $136,985,000 after buying an additional 1,304,573 shares during the period. Invesco Ltd. raised its stake in Bullish by 87.2% in the fourth quarter. Invesco Ltd. now owns 2,197,520 shares of the company's stock valued at $83,220,000 after buying an additional 1,023,835 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Bullish by 36.1% in the fourth quarter. Janus Henderson Group PLC now owns 1,238,313 shares of the company's stock valued at $46,895,000 after buying an additional 328,446 shares during the last quarter.

Bullish Price Performance

The company has a current ratio of 23.52, a quick ratio of 22.41 and a debt-to-equity ratio of 0.20. The company has a 50 day moving average price of $27.29 and a 200 day moving average price of $32.03. The company has a market capitalization of $5.69 billion and a P/E ratio of -4.07.

Bullish (NYSE:BLSH - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Bullish had a positive return on equity of 2.48% and a negative net margin of 389.38%.The business had revenue of $92.62 million during the quarter. The company's quarterly revenue was up 62.5% compared to the same quarter last year. On average, equities analysts predict that Bullish will post 0.46 EPS for the current fiscal year.

Bullish Company Profile

Bullish is a digital asset exchange and financial technology company that provides infrastructure and trading services for the cryptocurrency market. Its platform is designed to serve institutional and professional investors, offering access to digital asset trading and related market services.

The company's activities include spot cryptocurrency trading, custody and portfolio-management tools, lending services, and market data. Bullish emphasizes institutional-grade infrastructure, liquidity, security and regulatory compliance in the operation of its digital asset marketplace.

Bullish was founded in 2021 and was established with backing from Block.one and other investors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.