Bullish (NYSE:BLSH) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Bullish (NYSE:BLSH) from a hold rating to a strong sell rating in a research report released on Monday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Bullish from $43.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Citigroup decreased their price objective on Bullish from $67.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, March 18th. Cantor Fitzgerald increased their target price on Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Wall Street Zen downgraded shares of Bullish from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $61.00 price target on shares of Bullish in a research note on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.67.

Bullish Price Performance

Shares of BLSH stock opened at $24.96 on Monday. 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 has a 12-month low of $21.76 and a 12-month high of $118.00. The firm has a fifty day moving average of $30.28 and a 200-day moving average of $34.32. The firm has a market capitalization of $3.77 billion and a price-to-earnings ratio of -3.81.

Bullish (NYSE:BLSH) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.04). The business had revenue of $92.83 million for the quarter. Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The business’s quarterly revenue was up 48.8% on a year-over-year basis. On average, equities research analysts forecast that Bullish will post 0.57 earnings per share for the current year.

Insider Buying and Selling at Bullish

In related news, CEO Thomas W. Farley sold 80,000 shares of the stock in a transaction dated Monday, May 11th. The stock was 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 in the company, valued at approximately $3,516,000. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Bullish

A number of large investors have recently bought and sold shares of the company. ARK Investment Management LLC raised its holdings in shares of Bullish by 87.1% in the fourth quarter. ARK Investment Management LLC now owns 4,821,700 shares of the company’s stock valued at $182,598,000 after purchasing an additional 2,244,991 shares during the last quarter. Amova Asset Management Americas Inc. lifted its position in shares of Bullish by 51.9% in the first quarter. Amova Asset Management Americas Inc. now owns 3,836,063 shares of the company’s stock worth $137,139,000 after purchasing an additional 1,311,243 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Bullish by 51.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,833,886 shares of the company’s stock worth $136,985,000 after purchasing an additional 1,304,573 shares during the last quarter. Invesco Ltd. bought a new position in Bullish in the third quarter valued at $74,658,000. Finally, UBS Group AG grew its position in Bullish by 486.1% in the fourth quarter. UBS Group AG now owns 1,309,248 shares of the company’s stock valued at $49,581,000 after purchasing an additional 1,085,846 shares in the last quarter.

Bullish News Roundup

Here are the key news stories impacting Bullish this week:

• Positive Sentiment: Bullish added Thomas Cowan, a tokenization specialist from Galaxy, to lead its tokenization strategy; his background in launching compliant tokenized products could help accelerate Bullish’s efforts in this emerging market. Bullish appoints Thomas Cowan as Head of Tokenization
• Positive Sentiment: The company is building a broader tokenized securities infrastructure around its regulated exchange, CoinDesk data services, and planned Equiniti acquisition, which could create a new growth avenue if adoption picks up. Bullish appoints Thomas Cowan as Head of Tokenization
• Neutral Sentiment: News flow across crypto and fintech names also kept sentiment constructive, with broader analyst optimism around digital assets and risk assets helping the backdrop for BLSH. This Five-Star KeyBanc Analyst Turns More Bullish on Chip Stocks, Lifts Targets for AMD, NVDA, MRVL, MU, and ARM
• Neutral Sentiment: At the same time, the announcement is still early-stage and tied to forward-looking plans, including a pending acquisition and regulatory approvals, so the market may be waiting for execution details before assigning more value. Bullish appoints Thomas Cowan as Head of Tokenization

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.