Bullish (NYSE:BLSH) Stock Price Down 7.9% Following Analyst Downgrade

Bullish (NYSE:BLSH) fell 7.9% on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $43.00 to $26.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bullish traded as low as $26.51 and last traded at $26.3360. 430,921 shares changed hands during trading, a decline of 74% from the average session volume of 1,659,157 shares. The stock had previously closed at $28.60.

Other analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $61.00 price target on shares of Bullish in a research report on Friday, May 15th. Citigroup decreased their price target on shares of Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Rosenblatt Securities increased their price objective on Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Wall Street Zen lowered Bullish from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Cantor Fitzgerald upped their target price on Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.67.

Insider Transactions at Bullish

In other news, CEO Thomas W. Farley sold 80,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 80,000 shares of the company’s stock, valued at $3,516,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Essential Partners LLC bought a new stake in Bullish during the 1st quarter valued at about $27,000. J. Derek Lewis & Associates Inc. grew its holdings in shares of Bullish by 59.1% during the first quarter. J. Derek Lewis & Associates Inc. now owns 14,000 shares of the company’s stock valued at $500,000 after buying an additional 5,200 shares during the last quarter. Bank of America Corp DE increased its position in shares of Bullish by 145.0% during the first quarter. Bank of America Corp DE now owns 113,508 shares of the company’s stock valued at $4,056,000 after acquiring an additional 67,173 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in Bullish in the 1st quarter worth approximately $7,830,000. Finally, Quantinno Capital Management LP bought a new position in Bullish in the 1st quarter valued at approximately $2,457,000.

Bullish Stock Down 5.9%

The company’s 50 day simple moving average is $36.26 and its 200-day simple moving average is $36.98. The firm has a market cap of $3.69 billion and a P/E ratio of -3.63. The company has a current ratio of 26.42, a quick ratio of 25.23 and a debt-to-equity ratio of 0.18.

Bullish (NYSE:BLSH) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.04). Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The company had revenue of $92.83 million during the quarter. Bullish’s revenue for the quarter was up 48.8% compared to the same quarter last year. Research analysts forecast that Bullish will post 0.72 earnings per share for the current fiscal year.

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.