Bullish (NYSE:BLSH) Stock Rated “Equal Weight” in New Coverage at Wells Fargo & Company

Research analysts at Wells Fargo & Company began coverage on shares of Bullish (NYSE:BLSH) in a report released on Friday, MarketBeat reports. The firm set an “equal weight” rating and a $38.00 price target on the stock. Wells Fargo & Company‘s target price points to a potential upside of 11.19% from the company’s current price.

BLSH has been the subject of several other reports. UBS Group set a $43.00 target price on Bullish in a research report on Monday, September 21st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $45.00 price target on shares of Bullish in a report on Wednesday, September 23rd. Rosenblatt Securities dropped their price target on Bullish from $42.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Zacks Research raised Bullish from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Finally, Citigroup reaffirmed a “buy” rating on shares of Bullish in a research note on Monday, July 27th. Five equities research 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. Based on data from MarketBeat, Bullish has an average rating of “Hold” and an average price target of $44.64.

Bullish Stock Down 1.8%

Shares of NYSE:BLSH opened at $34.17 on Friday. The firm has a fifty day moving average price of $31.03 and a two-hundred day moving average price of $32.27. The company has a market cap of $5.15 billion, a price-to-earnings ratio of -3.69 and a beta of 0.70. The company has a debt-to-equity ratio of 0.20, a current ratio of 23.52 and a quick ratio of 22.41. Bullish has a one year low of $20.55 and a one year high of $70.50.

Bullish (NYSE:BLSH) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate 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. The firm’s quarterly revenue was up 62.5% compared to the same quarter last year. Analysts anticipate that Bullish will post 0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Bullish

Several institutional investors have recently modified their holdings of the company. Quantinno Capital Management LP bought a new stake in Bullish in the 1st quarter worth approximately $2,457,000. Intrinsic Edge Capital Management LLC bought a new position in Bullish during the first quarter valued at approximately $7,830,000. Renaissance Technologies LLC grew its position in Bullish by 178.4% during the first quarter. Renaissance Technologies LLC now owns 156,833 shares of the company’s stock valued at $5,604,000 after acquiring an additional 100,500 shares during the last quarter. Galaxy Digital Inc. purchased a new position in shares of Bullish during the first quarter worth approximately $22,331,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Bullish by 51.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock worth $136,985,000 after acquiring an additional 1,304,573 shares during the last quarter.

Key Bullish News

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

Bullish Company Profile

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.