Bullish’s (BLSH) Buy Rating Reiterated at Canaccord Genuity Group

Bullish (NYSE:BLSH)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a report released on Wednesday, Benzinga reports. They presently have a $45.00 target price on the stock. Canaccord Genuity Group’s target price points to a potential upside of 10.18% from the company’s current price.

A number of other equities analysts also recently weighed in on BLSH. Wall Street Zen upgraded Bullish from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Citigroup restated a “buy” rating on shares of Bullish in a report on Monday, July 27th. JPMorgan Chase & Co. lowered their price objective on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Rosenblatt Securities dropped their price objective on shares of Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Finally, Zacks Research raised shares of Bullish from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.89.

Bullish Price Performance

Shares of NYSE:BLSH opened at $40.84 on Wednesday. The company has a market cap of $6.16 billion and a P/E ratio of -4.41. The company’s fifty day moving average is $28.99 and its two-hundred day moving average is $32.22. The company has a quick ratio of 22.41, a current ratio of 23.52 and a debt-to-equity ratio of 0.20. Bullish has a 12-month low of $20.55 and a 12-month high of $74.98.

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

Hedge Funds Weigh In On Bullish

A number of institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new stake in shares of Bullish during the 2nd quarter worth $59,000. AXQ Capital LP acquired a new position in Bullish during the 2nd quarter worth $739,000. Wellington Management Group LLP boosted its holdings in Bullish by 787.0% during the second quarter. Wellington Management Group LLP now owns 77,829 shares of the company’s stock valued at $1,824,000 after acquiring an additional 69,055 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Bullish during the second quarter valued at about $138,000. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Bullish in the second quarter valued at about $330,000.

About Bullish

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.