Bullish (NYSE:BLSH) Trading 8.5% Higher – What’s Next?

Bullish (NYSE:BLSH)’s stock price rose 8.5% during trading on Monday . The stock traded as high as $39.86 and last traded at $39.7360. Approximately 1,097,516 shares changed hands during trading, a decline of 46% from the average daily volume of 2,034,907 shares. The stock had previously closed at $36.62.

Wall Street Analysts Forecast Growth

BLSH has been the subject of a number of recent research reports. Wall Street Zen raised shares of Bullish from a “sell” rating to a “hold” rating in a research note on Monday, February 23rd. Rosenblatt Securities cut their price objective on shares of Bullish from $52.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft upgraded Bullish from a “hold” rating to a “buy” rating and dropped their price target for the stock from $52.00 to $51.00 in a research note on Wednesday, November 19th. Canaccord Genuity Group dropped their price objective on shares of Bullish from $68.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, November 24th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $50.00 target price on shares of Bullish in a report on Tuesday, January 6th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $52.08.

Bullish Stock Up 7.8%

The company has a market cap of $5.96 billion and a price-to-earnings ratio of 393.89. The company has a current ratio of 29.28, a quick ratio of 27.69 and a debt-to-equity ratio of 0.15. The stock has a 50-day simple moving average of $34.43 and a 200-day simple moving average of $45.15.

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

Institutional Trading of Bullish

Hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC raised its stake in shares of Bullish by 87.1% during the 4th quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock worth $182,598,000 after purchasing an additional 2,244,991 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Bullish by 75.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,529,313 shares of the company’s stock valued at $95,785,000 after purchasing an additional 1,086,420 shares during the period. Amova Asset Management Americas Inc. raised its holdings in Bullish by 75.7% in the 4th quarter. Amova Asset Management Americas Inc. now owns 2,524,820 shares of the company’s stock worth $95,514,000 after acquiring an additional 1,087,452 shares during the period. Invesco Ltd. lifted its position in shares of Bullish by 87.2% during the 4th quarter. Invesco Ltd. now owns 2,197,520 shares of the company’s stock worth $83,220,000 after purchasing an additional 1,023,835 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Bullish by 7.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,563,985 shares of the company’s stock worth $59,228,000 after buying an additional 104,724 shares during the last quarter.

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.