Bullish (NYSE:BLSH) Stock Falls 5.3% – Here’s What Happened

Bullish (NYSE:BLSH)’s stock price was down 5.3% during mid-day trading on Monday. The stock traded as low as $27.83 and last traded at $27.9410. Approximately 695,064 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 1,598,408 shares. The stock had previously closed at $29.49.

Wall Street Analysts Forecast Growth

BLSH has been the subject of a number of research reports. Citigroup restated a “buy” rating on shares of Bullish in a research note on Monday, July 27th. UBS Group set a $43.00 price target on shares of Bullish in a report on Monday, September 21st. Canaccord Genuity Group restated a “buy” rating and set a $45.00 price objective on shares of Bullish in a research report on Wednesday, September 23rd. Wells Fargo & Company cut their price objective on shares of Bullish from $38.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 14th. Finally, Rosenblatt Securities reduced their price objective on Bullish from $42.50 to $30.00 and set a “neutral” rating for the company in a report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Bullish presently has an average rating of “Hold” and an average target price of $44.36.

Bullish Stock Down 5.2%

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 firm has a market cap of $4.22 billion, a price-to-earnings ratio of -3.02 and a beta of 0.70. The firm’s 50 day simple moving average is $32.83 and its two-hundred day simple moving average is $31.83.

Bullish (NYSE:BLSH) last announced its earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. Bullish had a negative net margin of 389.38% and a positive return on equity of 2.48%. The firm had revenue of $92.62 million for the quarter. The business’s revenue was up 62.5% on a year-over-year basis. On average, equities analysts forecast that Bullish will post 0.46 EPS for the current year.

Institutional Investors Weigh In On Bullish

A number of large investors have recently added to or reduced their stakes in the stock. Wedmont Private Capital bought a new position in Bullish during the 3rd quarter worth $227,000. Farther Finance Advisors LLC raised its holdings in Bullish by 81.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 59,152 shares of the company’s stock valued at $2,064,000 after acquiring an additional 26,568 shares in the last quarter. CoreCap Advisors LLC bought a new stake in shares of Bullish during the 3rd quarter valued at $67,000. Versant Capital Management Inc lifted its position in shares of Bullish by 975.3% during the 3rd quarter. Versant Capital Management Inc now owns 3,914 shares of the company’s stock valued at $137,000 after acquiring an additional 3,550 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Bullish during the 2nd quarter valued at $59,000.

About Bullish

Bullish is a digital asset financial services company that operates a regulated cryptocurrency exchange and related market infrastructure. Its platform is designed to serve institutional and professional investors by providing access to spot digital asset trading, custody, lending and other trading services.

The company also develops technology intended to support deeper liquidity, transparent price discovery and efficient execution in cryptocurrency markets. Bullish has operated internationally, serving customers and market participants across multiple global jurisdictions, subject to applicable regulatory requirements.

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