ARK Investment Management LLC Takes Position in Bullish $BLSH

ARK Investment Management LLC bought a new position in shares of Bullish (NYSE:BLSH) during the third quarter, HoldingsChannel.com reports. The firm bought 2,576,709 shares of the company’s stock, valued at approximately $163,904,000. Bullish comprises about 1.0% of ARK Investment Management LLC’s portfolio, making the stock its 26th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BLSH. Nwam LLC purchased a new position in shares of Bullish during the 3rd quarter worth $4,540,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in Bullish in the third quarter valued at $91,782,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Bullish during the third quarter worth about $2,723,000. Renaissance Capital LLC acquired a new stake in Bullish in the 3rd quarter worth about $2,436,000. Finally, Principal Financial Group Inc. purchased a new stake in Bullish in the 3rd quarter valued at about $7,034,000.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BLSH shares. JPMorgan Chase & Co. cut their price objective on shares of Bullish from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Wall Street Zen raised shares of Bullish from a “sell” rating to a “hold” rating in a research note on Monday, February 23rd. Rosenblatt Securities lowered their price objective on shares of Bullish from $52.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Canaccord Genuity Group cut their target price on Bullish from $68.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, November 24th. Finally, Citigroup reduced their target price on Bullish from $77.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Bullish presently has an average rating of “Hold” and an average target price of $52.08.

Bullish Stock Performance

Shares of BLSH stock opened at $36.94 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 29.28 and a quick ratio of 27.69. The company’s fifty day moving average price is $34.93 and its two-hundred day moving average price is $46.70. The firm has a market capitalization of $5.40 billion and a P/E ratio of 369.40. Bullish has a 12 month low of $24.79 and a 12 month high of $118.00.

Bullish (NYSE:BLSH) last released its quarterly earnings results on Thursday, February 5th. The company reported ($3.73) EPS for the quarter, missing the consensus estimate of $0.16 by ($3.89). Bullish had a negative return on equity of 10.58% and a negative net margin of 0.95%.The business had revenue of $92.50 million during the quarter. During the same quarter last year, the business posted $1.37 EPS. The business’s quarterly revenue was up 67.6% on a year-over-year basis.

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.