Bullish (NYSE:BLSH) Stock Price Down 7.9% Following Analyst Downgrade

Bullish (NYSE:BLSH)’s stock price fell 7.9% during trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $43.00 to $26.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bullish traded as low as $26.51 and last traded at $26.3360. 430,921 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 1,659,157 shares. The stock had previously closed at $28.60.

Other research analysts have also recently issued reports about the stock. Cantor Fitzgerald lifted their price objective on shares of Bullish from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, May 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Bullish in a report on Friday, March 27th. Rosenblatt Securities lifted their price objective on shares of Bullish from $39.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Wall Street Zen cut shares of Bullish from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $61.00 price objective on shares of Bullish in a report on Friday, May 15th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.67.

Insiders Place Their Bets

In related news, CEO Thomas W. Farley sold 80,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 80,000 shares in the company, valued at approximately $3,516,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new stake in Bullish in the third quarter worth about $7,099,000. Tudor Investment Corp ET AL bought a new stake in Bullish in the third quarter worth about $10,124,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Bullish in the third quarter worth about $2,723,000. Monashee Investment Management LLC bought a new stake in Bullish in the third quarter worth about $3,180,000. Finally, JPMorgan Chase & Co. bought a new stake in Bullish in the third quarter worth about $9,864,000.

Bullish Trading Down 8.5%

The firm has a market cap of $3.58 billion and a P/E ratio of -3.63. The company has a quick ratio of 25.23, a current ratio of 26.42 and a debt-to-equity ratio of 0.18. The firm’s 50-day simple moving average is $36.26 and its 200 day simple moving average is $36.98.

Bullish (NYSE:BLSH) last announced 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). Bullish had a positive return on equity of 1.82% and a negative net margin of 314.40%.The company had revenue of $92.83 million during the quarter. The business’s revenue for the quarter was up 48.8% on a year-over-year basis. As a group, analysts expect that Bullish will post 0.72 earnings per share for the current year.

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.