Bullish (NYSE:BLSH) Sets New 1-Year Low – What’s Next?

Bullish (NYSE:BLSH) reached a new 52-week low on Wednesday . The stock traded as low as $21.73 and last traded at $21.7920, with a volume of 1380004 shares trading hands. The stock had previously closed at $22.69.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Rosenblatt Securities increased their price objective on Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Citigroup restated a “buy” rating on shares of Bullish in a report on Monday. Wall Street Zen lowered shares of Bullish from a “hold” rating to a “sell” rating in a research note on Sunday. Weiss Ratings reissued a “sell (d)” rating on shares of Bullish in a research report on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $61.00 price objective on shares of Bullish in a research note on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.67.

Bullish Trading Down 4.0%

The stock’s 50 day moving average is $26.91 and its 200-day moving average is $33.16. The company has a market cap of $3.29 billion and a P/E ratio of -3.33. The company has a current ratio of 26.42, a quick ratio of 25.23 and a debt-to-equity ratio of 0.18.

Bullish (NYSE:BLSH) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). The firm had revenue of $92.83 million for the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. Bullish’s revenue for the quarter was up 48.8% compared to the same quarter last year. Research analysts anticipate that Bullish will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Bullish

In related news, CEO Thomas W. Farley sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $43.95, for a total value of $3,516,000.00. Following the transaction, the chief executive officer directly owned 80,000 shares of the company’s stock, valued at approximately $3,516,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BLSH. ARK Investment Management LLC boosted its position in shares of Bullish by 87.1% during the fourth quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock valued at $182,598,000 after buying an additional 2,244,991 shares during the last quarter. Amova Asset Management Americas Inc. raised its position in Bullish by 51.9% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company’s stock worth $137,139,000 after buying an additional 1,311,243 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Bullish by 51.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock valued at $136,985,000 after acquiring an additional 1,304,573 shares during the period. Invesco Ltd. purchased a new stake in shares of Bullish during the 3rd quarter valued at about $74,658,000. Finally, UBS Group AG grew its stake in shares of Bullish by 486.1% in the fourth quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock worth $49,581,000 after acquiring an additional 1,085,846 shares during the period.

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.