Wells Fargo & Company Initiates Coverage on Bullish (NYSE:BLSH)

Investment analysts at Wells Fargo & Company assumed coverage on shares of Bullish (NYSE:BLSH) in a report released on Friday, Marketbeat.com reports. The firm set an “equal weight” rating and a $38.00 price target on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 11.19% from the stock’s previous close.

BLSH has been the topic of several other reports. Weiss Ratings downgraded shares of Bullish from a “sell (d)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. UBS Group set a $43.00 price target on shares of Bullish in a report on Monday, September 21st. Compass Point upgraded shares of Bullish from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $51.00 in a research report on Monday, September 14th. Zacks Research raised shares of Bullish from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Bullish from $55.00 to $40.00 and set a “market perform” rating for the company in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Bullish presently has an average rating of “Hold” and an average price target of $44.64.

Bullish Trading Down 1.8%

NYSE BLSH opened at $34.17 on Friday. Bullish has a 1-year low of $20.55 and a 1-year high of $70.50. The company has a current ratio of 23.52, a quick ratio of 22.41 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average of $31.03 and a 200-day moving average of $32.27. The firm has a market cap of $5.15 billion, a PE ratio of -3.69 and a beta of 0.70.

Bullish (NYSE:BLSH) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The business had revenue of $92.62 million for the quarter. Bullish had a positive return on equity of 2.48% and a negative net margin of 389.38%.The business’s revenue for the quarter was up 62.5% on a year-over-year basis. As a group, sell-side analysts forecast that Bullish will post 0.46 EPS for the current year.

Institutional Trading of Bullish

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its position in Bullish by 975.3% during the 3rd quarter. Versant Capital Management Inc now owns 3,914 shares of the company’s stock valued at $137,000 after purchasing an additional 3,550 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Bullish during the 2nd quarter valued at about $59,000. AXQ Capital LP bought a new stake in shares of Bullish during the 2nd quarter valued at about $739,000. Wellington Management Group LLP increased its position in shares of Bullish by 787.0% during the second quarter. Wellington Management Group LLP now owns 77,829 shares of the company’s stock valued at $1,824,000 after buying an additional 69,055 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Bullish during the second quarter valued at about $138,000.

Bullish News Roundup

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish reported quarterly revenue of $92.62 million, up 62.5% year over year, and earnings of $0.09 per share, in line with analysts’ estimates. The company also maintains substantial liquidity, reflected in current and quick ratios above 22. Bullish stock and earnings information
• Neutral Sentiment: Wells Fargo initiated coverage of Bullish (BLSH) with an Equal Weight rating. The neutral stance suggests the analyst sees the shares as fairly valued relative to expected performance, limiting the impact of the company’s strong revenue growth on investor sentiment. Wells Fargo initiates coverage on Bullish
• Neutral Sentiment: Recent reports comparing Bullish with industry peers may give investors additional context on valuation and operating performance, but the available information does not identify a clear competitive advantage or an immediate earnings catalyst. Comparing Bullish and its peers
• Negative Sentiment: Keefe, Bruyette & Woods issued a pessimistic forecast for Bullish, adding to selling pressure. The caution is significant because Bullish continues to post a deeply negative net margin, despite positive quarterly EPS and rapid revenue growth. Keefe, Bruyette and Woods forecast for Bullish

About Bullish

Bullish is a digital asset financial services company that operates a regulated cryptocurrency exchange and related market infrastructure. Its platform is designed to serve institutional and professional investors by providing access to spot digital asset trading, custody, lending and other trading services.

The company also develops technology intended to support deeper liquidity, transparent price discovery and efficient execution in cryptocurrency markets. Bullish has operated internationally, serving customers and market participants across multiple global jurisdictions, subject to applicable regulatory requirements.

Bullish was established in 2021 with backing from Block.one and other investors.