Bullish (NYSE:BLSH) Shares Down 5.4% – Time to Sell?

Bullish (NYSE:BLSH)’s stock price dropped 5.4% during mid-day trading on Tuesday . The stock traded as low as $35.76 and last traded at $35.5810. Approximately 108,510 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,640,879 shares. The stock had previously closed at $37.62.

Trending Headlines about Bullish

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Compass Point upgraded Bullish to Buy and raised its price target to $51 from $30. The new target implies substantial upside from the recent trading level and provides a fresh catalyst for the shares. Compass Point Upgrades Bullish to Buy from Neutral
• Positive Sentiment: Analysts are becoming more constructive on crypto-related stocks as Bitcoin recovers and expectations for passage of the CLARITY Act improve. The combination of potentially clearer U.S. regulation and stronger cryptocurrency prices could support trading activity and investor sentiment toward Bullish. COIN, BLSH Stocks Get Analyst Upgrades With Bitcoin Recovery, CLARITY Act Odds Lifting Crypto Outlook
• Positive Sentiment: Bitcoin options traders have turned more bullish for the first time in a year. Calls represent a larger share of open interest than puts, suggesting improving expectations for Bitcoin’s upside. A sustained crypto rally would likely benefit Bullish’s market activity and valuation. Bitcoin Options Traders Turn Bullish for the First Time in 12 Months
• Neutral Sentiment: A new comparison examines Bullish against its competitors. The survey may offer context on the company’s competitive positioning, but the available report does not provide a specific new earnings, operating or valuation catalyst. Head-To-Head Survey: Bullish vs. Its Competitors

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. decreased their target price on Bullish from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Wall Street Zen raised Bullish from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Compass Point raised Bullish from a “neutral” rating to a “buy” rating and increased their price objective for the company from $30.00 to $51.00 in a research note on Monday. Zacks Research raised shares of Bullish from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Finally, Citigroup reaffirmed a “buy” rating on shares of Bullish in a research note on Monday, July 27th. Five investment 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $48.90.

Bullish Trading Down 1.8%

The company has a market capitalization of $5.57 billion and a PE ratio of -4.00. 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 business has a fifty day moving average price of $27.51 and a 200 day moving average price of $32.07.

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

Institutional Trading of Bullish

Hedge funds have recently made changes to their positions in the stock. Amova Asset Management Americas Inc. lifted its position in shares of Bullish by 51.9% during 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 stake in Bullish by 51.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock valued at $136,985,000 after purchasing an additional 1,304,573 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in Bullish by 38.6% during the first quarter. Stephens Investment Management Group LLC now owns 1,178,599 shares of the company’s stock valued at $42,111,000 after purchasing an additional 328,351 shares during the last quarter. Galaxy Digital Inc. acquired a new stake in shares of Bullish during the first quarter worth $22,331,000. Finally, Norges Bank bought a new position in shares of Bullish in the 4th quarter worth about $17,042,000.

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.