Bullish (NYSE:BLSH) Trading 9.8% Higher – Still a Buy?

Bullish (NYSE:BLSH)’s share price traded up 9.8% during mid-day trading on Wednesday . The company traded as high as $36.46 and last traded at $36.3550. 865,096 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,140,330 shares. The stock had previously closed at $33.12.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BLSH shares. Deutsche Bank Aktiengesellschaft raised shares of Bullish from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $52.00 to $51.00 in a research report on Wednesday, November 19th. Rosenblatt Securities cut their target price on Bullish from $52.00 to $39.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bullish in a report on Monday, December 29th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $50.00 price target on shares of Bullish in a research note on Tuesday, January 6th. Finally, Citigroup dropped their target price on shares of Bullish from $77.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $52.08.

Bullish Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 27.69 and a current ratio of 29.28. The company has a 50-day simple moving average of $34.78 and a 200-day simple moving average of $46.62. The company has a market cap of $5.12 billion and a price-to-earnings ratio of 349.82.

Bullish (NYSE:BLSH) last posted its quarterly earnings results on Thursday, February 5th. The company reported ($3.73) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($3.89). The company had revenue of $92.50 million for the quarter. Bullish had a negative return on equity of 10.58% and a negative net margin of 0.95%.The firm’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 earnings per share.

Institutional Trading of Bullish

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLSH. Invesco Ltd. raised its stake in Bullish by 87.2% in the 4th quarter. Invesco Ltd. now owns 2,197,520 shares of the company’s stock valued at $83,220,000 after purchasing an additional 1,023,835 shares during the last quarter. Galaxy Group Investments LLC acquired a new position in shares of Bullish in the fourth quarter valued at approximately $23,669,000. Vident Advisory LLC acquired a new position in shares of Bullish in the fourth quarter valued at approximately $232,000. Delta Global Management LP purchased a new position in shares of Bullish during the fourth quarter valued at approximately $890,000. Finally, EP Wealth Advisors LLC acquired a new stake in Bullish during the fourth quarter worth approximately $322,000.

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.