Bullish (NYSE:BLSH) Trading Down 7.9% – Here’s What Happened

Bullish (NYSE:BLSH) shares were down 7.9% during mid-day trading on Tuesday . The stock traded as low as $26.51 and last traded at $26.3360. Approximately 430,921 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,659,157 shares. The stock had previously closed at $28.60.

More Bullish News

Here are the key news stories impacting Bullish this week:

• Neutral Sentiment: Most of today’s headlines are unrelated to Bullish’s business, focusing instead on analyst upgrades/downgrades in other stocks and broad market commentary, so they do not provide a clear direct catalyst for BLSH. Article Title
• Neutral Sentiment: Crypto-related pieces about Bitcoin and XRP may help sentiment for digital-asset names generally, but they are indirect and do not mention Bullish’s operating results or outlook. Article Title
• Neutral Sentiment: Comments from well-known strategists and executives expressing bullish views on markets and Bitcoin could support sentiment for crypto-exposed companies, but the impact on Bullish is likely limited without company-specific news. Article Title
• Negative Sentiment: Bullish stock already has a weak technical setup, trading well below its 50-day and 200-day moving averages after a post-earnings pullback and an EPS miss, which likely continues to weigh on shares.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BLSH shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $61.00 price objective on shares of Bullish in a research note on Friday, May 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Bullish in a research note on Friday, March 27th. Citigroup dropped their price objective on shares of Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. Rosenblatt Securities boosted their price objective on shares of Bullish from $39.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen lowered shares of Bullish from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $51.92.

Bullish Stock Down 7.5%

The company has a market capitalization of $3.99 billion and a PE ratio of -4.03. The firm’s 50-day simple moving average is $36.74 and its 200 day simple moving average is $37.23. The company has a debt-to-equity ratio of 0.18, a quick ratio of 25.23 and a current ratio of 26.42.

Bullish (NYSE:BLSH) last issued its earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.04). The company had revenue of $92.83 million for the quarter. Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The business’s revenue for the quarter was up 48.8% compared to the same quarter last year. As a group, equities research analysts forecast that Bullish will post 0.72 earnings per share for the current year.

Insider Activity at Bullish

In related 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 value of $3,516,000.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On Bullish

Several institutional investors and hedge funds have recently made changes to their positions in BLSH. Envestnet Asset Management Inc. purchased a new stake in shares of Bullish in the 3rd quarter worth about $999,000. Ameritas Advisory Services LLC purchased a new stake in shares of Bullish in the 3rd quarter worth about $29,000. JPMorgan Chase & Co. purchased a new stake in shares of Bullish in the 3rd quarter worth about $9,864,000. Readystate Asset Management LP purchased a new stake in shares of Bullish in the 3rd quarter worth about $1,590,000. Finally, CenterBook Partners LP purchased a new stake in shares of Bullish in the 3rd quarter worth about $1,184,000.

About Bullish

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.