Bullish (NYSE:BLSH) Stock Price Down 7.8% – What’s Next?

Shares of Bullish (NYSE:BLSH) dropped 7.8% on Monday . The stock traded as low as $32.70 and last traded at $32.19. Approximately 489,481 shares changed hands during trading, a decline of 70% from the average daily volume of 1,643,347 shares. The stock had previously closed at $34.91.

Wall Street Analysts Forecast Growth

BLSH has been the topic of several research analyst reports. Rosenblatt Securities boosted their target price on Bullish from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Citigroup dropped their price target on Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $61.00 price target on shares of Bullish in a research note on Friday, May 15th. Cantor Fitzgerald upped their target price on Bullish from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, May 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a report on Friday, March 27th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Bullish currently has a consensus rating of “Hold” and an average price target of $51.92.

Bullish Stock Down 4.6%

The stock has a market cap of $5.02 billion and a PE ratio of -5.10. The business has a 50 day moving average price of $38.58 and a 200 day moving average price of $38.12. The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18.

Bullish (NYSE:BLSH) last posted its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). The firm had revenue of $92.83 million for the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The firm’s revenue for the quarter was up 48.8% compared to the same quarter last year. Equities research analysts expect that Bullish will post 0.72 EPS for the current fiscal year.

Insider Buying and Selling at Bullish

In other news, CEO Thomas W. Farley sold 80,000 shares of Bullish stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $43.95, for a total transaction of $3,516,000.00. Following the completion of the transaction, the chief executive officer directly owned 80,000 shares of the company’s stock, valued at $3,516,000. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Bullish

Several institutional investors have recently made changes to their positions in the company. Essential Partners LLC purchased a new position in shares of Bullish during the 1st quarter valued at approximately $27,000. J. Derek Lewis & Associates Inc. boosted its position in Bullish by 59.1% during the first quarter. J. Derek Lewis & Associates Inc. now owns 14,000 shares of the company’s stock worth $500,000 after purchasing an additional 5,200 shares in the last quarter. Bank of America Corp DE boosted its position in Bullish by 145.0% during the first quarter. Bank of America Corp DE now owns 113,508 shares of the company’s stock worth $4,056,000 after purchasing an additional 67,173 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in Bullish during the first quarter worth approximately $7,830,000. Finally, Quantinno Capital Management LP purchased a new position in Bullish during the first quarter worth approximately $2,457,000.

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.