Bullish (NYSE:BLSH) Reaches New 12-Month Low – Time to Sell?

Bullish (NYSE:BLSH) hit a new 52-week low on Wednesday . The company traded as low as $23.33 and last traded at $23.6140, with a volume of 776635 shares trading hands. The stock had previously closed at $24.93.

Wall Street Analyst Weigh In

BLSH has been the topic of a number of recent research reports. Rosenblatt Securities lifted their target price on shares of Bullish from $39.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Citigroup lowered their price objective on shares of Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Wall Street Zen lowered shares of Bullish from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. JPMorgan Chase & Co. reduced their target price on shares of Bullish from $43.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a research note on Wednesday. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Bullish has an average rating of “Hold” and a consensus target price of $50.67.

Bullish Trading Up 4.8%

The company has a fifty day moving average of $34.56 and a two-hundred day moving average of $36.09. The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $3.46 billion and a price-to-earnings ratio of -3.50.

Bullish (NYSE:BLSH) last announced 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). The firm had revenue of $92.83 million during the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The business’s revenue was up 48.8% compared to the same quarter last year. On average, research analysts expect that Bullish will post 0.6 EPS for the current year.

Insider Activity

In other news, CEO Thomas W. Farley sold 80,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $43.95, for a total transaction of $3,516,000.00. Following the transaction, the chief executive officer directly owned 80,000 shares in the company, valued at $3,516,000. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Hedge Funds Weigh In On Bullish

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. acquired a new stake in shares of Bullish in the 3rd quarter valued at approximately $999,000. JPMorgan Chase & Co. acquired a new position in Bullish during the third quarter worth $9,864,000. TD Asset Management Inc purchased a new position in Bullish in the third quarter worth $3,557,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Bullish in the third quarter valued at $2,723,000. Finally, Monashee Investment Management LLC purchased a new stake in shares of Bullish during the 3rd quarter worth $3,180,000.

Bullish Company Profile

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.