Webull (NASDAQ:BULL) Shares Up 4.7% – Here’s What Happened

Webull Corporation (NASDAQ:BULL)’s share price traded up 4.7% on Friday. The stock traded as high as $5.20 and last traded at $5.1950. 4,949,735 shares traded hands during trading, a decline of 61% from the average session volume of 12,556,816 shares. The stock had previously closed at $4.96.

Webull News Roundup

Here’s some of the latest news about BULL:

• Positive Sentiment: Webull launched brokerage services in Italy, expanding its European presence and creating an opportunity to reach new customers. Article: Webull launches brokerage services in Italy
• Negative Sentiment: Several law firms publicized a securities class action against Webull and a December 7 deadline to seek lead-plaintiff status. The suit alleges the company made misleading statements; the claims have not been proven. Repeated law-firm announcements largely restate the same lawsuit, but the litigation adds uncertainty and potential legal costs. Article: Webull class action deadline
• Negative Sentiment: The lawsuit-related coverage points to a $4.2 million FINRA fine announced November 5 over deficiencies in anti-money-laundering, identity-theft-prevention, and best-execution programs. Reports also cite House Select Committee findings concerning Webull’s operations and workforce ties in mainland China. This regulatory and reputational overhang may weigh on investor sentiment; one report said shares fell nearly 11% after the fine announcement. Article: Webull investor alert

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BULL. Wall Street Zen upgraded Webull from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings upgraded Webull from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, September 14th. Scotiabank upgraded Webull from a “sector perform” rating to a “sector outperform” rating and set a $9.00 target price on the stock in a research report on Friday, October 9th. Finally, Rosenblatt Securities cut their price target on shares of Webull from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, October 9th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.00.

Webull Stock Up 5.1%

The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 65.20 and a beta of 0.71. The business’s 50-day moving average is $6.77 and its 200-day moving average is $6.72.

Webull (NASDAQ:BULL) last posted its quarterly earnings results on Wednesday, August 19th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.01 by $0.11. The company had revenue of $198.83 million for the quarter. Webull had a net margin of 6.26% and a return on equity of 5.95%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. As a group, analysts expect that Webull Corporation will post 0.14 EPS for the current year.

Insider Activity

In other news, General Counsel Benjamin James sold 50,273 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $9.02, for a total value of $453,462.46. Following the completion of the transaction, the general counsel owned 1,150,991 shares of the company’s stock, valued at $10,381,938.82. The trade was a 4.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Anthony Denier sold 53,848 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $8.83, for a total value of $475,477.84. Following the completion of the sale, the president owned 2,332,295 shares in the company, valued at $20,594,164.85. The trade was a 2.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 428,351 shares of company stock valued at $3,399,527 in the last quarter. 35.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its position in Webull by 3,738.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,058,553 shares of the company’s stock worth $28,288,000 after purchasing an additional 3,952,809 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Webull by 148.8% during the 2nd quarter. Tidal Investments LLC now owns 2,741,993 shares of the company’s stock worth $17,878,000 after purchasing an additional 1,640,067 shares during the period. Renaissance Technologies LLC grew its stake in shares of Webull by 321.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,535,199 shares of the company’s stock worth $7,369,000 after purchasing an additional 1,170,799 shares during the period. Public Sector Pension Investment Board acquired a new stake in shares of Webull during the 3rd quarter worth approximately $6,622,000. Finally, Ieq Capital LLC increased its holdings in shares of Webull by 2.0% during the 3rd quarter. Ieq Capital LLC now owns 810,205 shares of the company’s stock valued at $5,647,000 after purchasing an additional 15,980 shares in the last quarter. 92.48% of the stock is owned by institutional investors and hedge funds.

About Webull

Webull Corporation operates a digital investing and brokerage platform for individual investors. Its services include trading in stocks, exchange-traded funds, options and other investment products, with availability varying by market. The platform also provides market data, charting and analysis tools, and paper-trading features. Founded in 2017, Webull serves customers in the United States and several international markets. Its mobile and desktop platforms are designed to give investors access to trading tools and financial information.