Bullish (NYSE:BLSH) Shares Up 8% - Still a Buy?

Key Points

• Bullish shares rose 8% to about $29.62, although trading volume was roughly 86% below the stock’s average daily volume.
• Citi named Bullish one of its top cryptocurrency-stock picks, while the company reported 62.5% year-over-year revenue growth to $92.62 million in its latest quarter.
• Analyst sentiment remains mixed: Bullish has a consensus “Hold” rating and an average price target of $44.36, while recent firms have cut targets amid cryptocurrency-market and interest-rate risks.

Bullish (NYSE:BLSH - Get Free Report)'s stock price shot up 8% during mid-day trading on Tuesday. The stock traded as high as $29.32 and last traded at $29.6220. 217,221 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,594,672 shares. The stock had previously closed at $27.42.

Key Stories Impacting Bullish

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Citi named Bullish one of its top crypto-stock picks, alongside Circle, while upgrading Galaxy and Gemini. The endorsement highlights Bullish’s potential exposure to continued institutional adoption of digital assets and could support investor sentiment ahead of third-quarter results. Citi Upgrades Galaxy, Gemini, Names Circle, Bullish as Top Crypto Picks
• Positive Sentiment: Revenue rose 62% year over year in Bullish’s latest quarter, providing a fundamental growth narrative even as trading activity cooled. Bullish is also preparing to meet issuers and capital-markets participants at the New York Stock Exchange through its Issuer Sponsored Token Coalition, an initiative focused on tokenized equities and blockchain-based market infrastructure. Bullish Revenue Rose 62% as Trading Cooled, but Is Tokenization Priced In?
• Neutral Sentiment: Cryptocurrency prices dipped as investors assessed Federal Reserve policy and interest-rate risks. Although an analyst described the broader crypto setup as bullish if market trends continue, near-term weakness in Bitcoin and other major tokens could weigh on trading activity and sentiment toward crypto-related stocks, including BLSH. Bitcoin, Ethereum, XRP, Dogecoin Crypto Market

Wall Street Analyst Weigh In

BLSH has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price objective on shares of Bullish from $55.00 to $40.00 and set a "market perform" rating on the stock in a research note on Tuesday, September 29th. Canaccord Genuity Group reiterated a "buy" rating and issued a $45.00 target price on shares of Bullish in a research report on Wednesday, September 23rd. Weiss Ratings upgraded shares of Bullish from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, October 14th. Wall Street Zen raised shares of Bullish from a "sell" rating to a "hold" rating in a research note on Monday, August 3rd. Finally, Rosenblatt Securities reduced their price target 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. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $44.36.

Bullish Stock Up 6.0%

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 has a market cap of $4.38 billion, a P/E ratio of -3.14 and a beta of 0.70. The stock has a 50 day moving average price of $32.89 and a 200 day moving average price of $31.77.

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

Hedge Funds Weigh In On Bullish

Several large investors have recently made changes to their positions in BLSH. Wedmont Private Capital acquired a new position in shares of Bullish in the 3rd quarter worth $227,000. Farther Finance Advisors LLC lifted its holdings in shares of Bullish by 81.5% during the third quarter. Farther Finance Advisors LLC now owns 59,152 shares of the company's stock valued at $2,064,000 after purchasing an additional 26,568 shares during the last quarter. CoreCap Advisors LLC acquired a new position in shares of Bullish in the 3rd quarter valued at $67,000. Versant Capital Management Inc boosted its position in shares of Bullish by 975.3% in the 3rd quarter. Versant Capital Management Inc now owns 3,914 shares of the company's stock valued at $137,000 after purchasing an additional 3,550 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in Bullish in the 2nd quarter worth about $59,000.

Bullish Company Profile

Bullish is a digital asset trading and financial technology company that operates a regulated cryptocurrency exchange. Its platform is designed to provide trading and market infrastructure for digital assets, including spot trading and other services for institutional and professional investors.

The company's offerings include access to cryptocurrency markets, custody and settlement capabilities, and tools intended to support liquidity, execution and portfolio management. Bullish also publishes digital asset market news and analysis through its media operations.

Bullish was established in 2021 and launched its exchange that year.

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