Bullish (NYSE:BLSH) Raised to “Buy” at Compass Point

Bullish (NYSE:BLSH) was upgraded by stock analysts at Compass Point from a “neutral” rating to a “buy” rating in a research note issued on Monday, Benzinga reports. The brokerage currently has a $51.00 price target on the stock, up from their prior price target of $30.00. Compass Point’s target price suggests a potential upside of 45.62% from the company’s current price.

A number of other brokerages have also commented on BLSH. Zacks Research raised Bullish from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Canaccord Genuity Group decreased their target price on Bullish from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, August 17th. Wall Street Zen upgraded Bullish from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Bullish from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, August 14th. Finally, Rosenblatt Securities lowered their target price on shares of Bullish from $42.50 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, August 14th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $49.45.

Bullish Price Performance

Shares of BLSH opened at $35.02 on Monday. The firm’s 50 day moving average price is $27.29 and its 200 day moving average price is $32.03. Bullish has a twelve month low of $20.55 and a twelve month high of $74.98. The firm has a market cap of $5.28 billion and a PE ratio of -3.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 22.41 and a current ratio of 23.52.

Bullish (NYSE:BLSH) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting 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 business had revenue of $92.62 million during the quarter. The firm’s revenue was up 62.5% on a year-over-year basis. As a group, research analysts expect that Bullish will post 0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Bullish

Several hedge funds have recently modified their holdings of the business. Essential Partners LLC acquired a new stake in Bullish in the 1st quarter worth $27,000. MetLife Investment Management LLC bought a new position in Bullish during the fourth quarter valued at about $30,000. Integrated Wealth Concepts LLC acquired a new position in Bullish in the 2nd quarter valued at approximately $59,000. Kestra Advisory Services LLC bought a new stake in shares of Bullish in the 4th quarter worth approximately $61,000. Finally, California State Teachers Retirement System bought a new stake in shares of Bullish in the 4th quarter worth approximately $78,000.

About Bullish

Bullish is a digital asset exchange and financial technology company that provides infrastructure and trading services for the cryptocurrency market. Its platform is designed to serve institutional and professional investors, offering access to digital asset trading and related market services.

The company’s activities include spot cryptocurrency trading, custody and portfolio-management tools, lending services, and market data. Bullish emphasizes institutional-grade infrastructure, liquidity, security and regulatory compliance in the operation of its digital asset marketplace.

Bullish was founded in 2021 and was established with backing from Block.one and other investors.