Bullish (NYSE:BLSH) Shares Down 6% – What’s Next?

Bullish (NYSE:BLSH) traded down 6% during trading on Friday . The stock traded as low as $39.62 and last traded at $39.79. 543,211 shares were traded during mid-day trading, a decline of 69% from the average session volume of 1,727,011 shares. The stock had previously closed at $42.33.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $50.00 target price on shares of Bullish in a research note on Tuesday, January 6th. Rosenblatt Securities reissued a “neutral” rating and set a $39.00 price objective on shares of Bullish in a research report on Thursday, April 9th. Wall Street Zen raised shares of Bullish from a “sell” rating to a “hold” rating in a research report on Monday, February 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Bullish from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Bullish in a research report on Friday, March 27th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.92.

Bullish Trading Down 6.1%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 27.69 and a current ratio of 29.28. The stock’s 50-day simple moving average is $36.56 and its 200-day simple moving average is $41.18. The firm has a market capitalization of $6.00 billion and a PE ratio of 397.84.

Bullish (NYSE:BLSH) last issued its quarterly earnings data on Friday, February 6th. The company reported ($3.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($3.89). The company had revenue of $92.51 million for the quarter. Bullish had a negative net margin of 0.95% and a negative return on equity of 10.58%. The company’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.37 earnings per share. As a group, sell-side analysts expect that Bullish will post 0.82 EPS for the current fiscal year.

Insider Buying and Selling at Bullish

In other news, CEO Thomas W. Farley sold 80,000 shares of the company’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $36.41, for a total value of $2,912,800.00. Following the sale, the chief executive officer directly owned 4,923,386 shares of the company’s stock, valued at $179,260,484.26. This represents a 1.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of Bullish

A number of hedge funds and other institutional investors have recently modified their holdings of BLSH. Tradewinds Capital Management LLC purchased a new stake in shares of Bullish in the 3rd quarter worth about $25,000. Rakuten Securities Inc. purchased a new stake in shares of Bullish in the 4th quarter worth about $28,000. Ameritas Advisory Services LLC purchased a new stake in shares of Bullish in the 3rd quarter worth about $29,000. Strs Ohio purchased a new stake in shares of Bullish in the 4th quarter worth about $30,000. Finally, MetLife Investment Management LLC purchased a new stake in shares of Bullish in the 4th quarter worth about $30,000.

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.