Bullish (NYSE:BLSH) Shares Down 5.3% – Should You Sell?

Bullish (NYSE:BLSH)’s share price dropped 5.3% during mid-day trading on Monday. The company traded as low as $27.83 and last traded at $27.9410. Approximately 695,064 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 1,598,408 shares. The stock had previously closed at $29.49.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BLSH. Wall Street Zen upgraded shares of Bullish from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. Zacks Research raised Bullish from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Keefe, Bruyette & Woods lowered their price target on Bullish from $55.00 to $40.00 and set a “market perform” rating on the stock in a report on Tuesday, September 29th. Rosenblatt Securities lowered their price target on Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a report on Friday, August 14th. 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, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.36.

Bullish Stock Up 5.1%

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 firm has a 50 day moving average price of $32.97 and a 200-day moving average price of $31.73. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 72.16 and a beta of 0.70.

Bullish (NYSE:BLSH) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. Bullish had a negative net margin of 389.38% and a positive return on equity of 2.48%. The firm had revenue of $92.62 million for the quarter. Bullish’s revenue for the quarter was up 62.5% on a year-over-year basis. On average, equities analysts forecast that Bullish will post 0.45 EPS for the current year.

Institutional Trading of Bullish

Several institutional investors and hedge funds have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. grew its holdings in Bullish by 16.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 140,000 shares of the company’s stock valued at $4,885,000 after buying an additional 20,000 shares during the last quarter. Wedmont Private Capital purchased a new position in Bullish during the third quarter worth $227,000. Farther Finance Advisors LLC increased its position in Bullish by 81.5% during the third quarter. Farther Finance Advisors LLC now owns 59,152 shares of the company’s stock worth $2,064,000 after buying an additional 26,568 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Bullish in the third quarter worth $67,000. Finally, Versant Capital Management Inc raised its holdings in shares of Bullish by 975.3% in the third quarter. Versant Capital Management Inc now owns 3,914 shares of the company’s stock worth $137,000 after acquiring an additional 3,550 shares during the last quarter.

About Bullish

Bullish is a digital asset trading and financial technology company that operates a regulated cryptocurrency exchange. Its platform is designed to provide trading and market infrastructure for digital assets, including spot trading and other services for institutional and professional investors.

The company’s offerings include access to cryptocurrency markets, custody and settlement capabilities, and tools intended to support liquidity, execution and portfolio management. Bullish also publishes digital asset market news and analysis through its media operations.

Bullish was established in 2021 and launched its exchange that year.