Bullish (NYSE:BLSH) Given “Buy” Rating at Canaccord Genuity Group

Bullish (NYSE:BLSH)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity Group in a research note issued on Wednesday, September 23rd, Benzinga reports. They presently have a $45.00 target price on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 26.16% from the company’s previous close.

BLSH has been the subject of several other research reports. Compass Point upgraded Bullish from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $51.00 in a research report on Monday, September 14th. Rosenblatt Securities dropped their price objective on Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Wall Street Zen raised Bullish from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. Citigroup reissued a “buy” rating on shares of Bullish in a research report on Monday, July 27th. Finally, Zacks Research upgraded Bullish from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bullish currently has an average rating of “Hold” and an average target price of $45.30.

Bullish Price Performance

NYSE BLSH opened at $35.67 on Wednesday. The business’s fifty day moving average is $30.40 and its 200 day moving average is $32.28. Bullish has a fifty-two week low of $20.55 and a fifty-two week high of $70.50. 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 capitalization of $5.38 billion and a PE ratio of -3.85.

Bullish (NYSE:BLSH) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.09 EPS for the quarter, hitting 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 firm had revenue of $92.62 million for the quarter. The firm’s quarterly revenue was up 62.5% compared to the same quarter last year. Sell-side analysts predict that Bullish will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On Bullish

A number of large investors have recently made changes to their positions in the stock. Amova Asset Management Americas Inc. raised its stake in shares of Bullish by 51.9% in the first quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company’s stock worth $137,139,000 after purchasing an additional 1,311,243 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Bullish by 51.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock worth $136,985,000 after buying an additional 1,304,573 shares during the period. Galaxy Digital Inc. purchased a new position in Bullish during the 1st quarter worth approximately $22,331,000. Norges Bank acquired a new stake in Bullish during the 4th quarter valued at approximately $17,042,000. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Bullish by 38.6% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,178,599 shares of the company’s stock valued at $42,111,000 after acquiring an additional 328,351 shares during the last quarter.

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.