Bullish (NYSE:BLSH) Hits New 52-Week Low – Should You Sell?

Shares of Bullish (NYSE:BLSH) reached a new 52-week low during trading on Monday . The stock traded as low as $29.93 and last traded at $29.5950, with a volume of 4343242 shares traded. The stock had previously closed at $32.66.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BLSH shares. Wall Street Zen lowered shares of Bullish from a “hold” rating to a “sell” rating in a research note on Sunday, November 23rd. Deutsche Bank Aktiengesellschaft upgraded Bullish from a “hold” rating to a “buy” rating and cut their price objective for the stock from $52.00 to $51.00 in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bullish in a research report on Monday, December 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $50.00 price target on shares of Bullish in a research note on Tuesday, January 6th. Finally, Citigroup reduced their price target on Bullish from $77.00 to $67.00 and set a “buy” rating for the company in a report on Monday, December 22nd. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bullish has an average rating of “Hold” and a consensus target price of $53.25.

Bullish Trading Down 6.8%

The company’s fifty day moving average price is $40.29. The company has a current ratio of 38.78, a quick ratio of 36.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.92 billion and a price-to-earnings ratio of 1,337.15.

Hedge Funds Weigh In On Bullish

A number of institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC acquired a new stake in Bullish in the 3rd quarter valued at $163,904,000. Massachusetts Financial Services Co. MA bought a new stake in Bullish during the 3rd quarter worth about $92,824,000. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Bullish in the third quarter valued at approximately $91,782,000. Amova Asset Management Americas Inc. bought a new stake in shares of Bullish during the third quarter worth $91,431,000. Finally, Invesco Ltd. bought a new position in Bullish in the third quarter valued at about $74,658,000.

Bullish Company Profile

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.