Delta Global Management LP Takes $890,000 Position in Bullish $BLSH

Delta Global Management LP bought a new stake in Bullish (NYSE:BLSH) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,500 shares of the company’s stock, valued at approximately $890,000.

A number of other hedge funds also recently modified their holdings of BLSH. Rakuten Securities Inc. purchased a new stake in shares of Bullish in the fourth quarter valued at $28,000. Ameritas Advisory Services LLC purchased a new stake in shares of Bullish in the third quarter valued at $29,000. Strs Ohio purchased a new stake in shares of Bullish in the fourth quarter valued at $30,000. MetLife Investment Management LLC purchased a new stake in shares of Bullish in the fourth quarter valued at $30,000. Finally, 10Elms LLP purchased a new stake in shares of Bullish in the third quarter valued at $32,000.

Bullish Trading Down 9.2%

Bullish stock opened at $25.98 on Wednesday. The company has a market capitalization of $3.92 billion and a price-to-earnings ratio of -3.97. The company’s fifty day moving average price is $36.53 and its two-hundred day moving average price is $37.11. Bullish has a one year low of $24.79 and a one year high of $118.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 26.42 and a quick ratio of 25.23.

Bullish (NYSE:BLSH) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.04). The business had revenue of $92.83 million during the quarter. Bullish had a negative net margin of 314.40% and a positive return on equity of 1.82%. The business’s quarterly revenue was up 48.8% compared to the same quarter last year. On average, analysts forecast that Bullish will post 0.72 earnings per share for the current fiscal year.

Key Stories Impacting Bullish

Here are the key news stories impacting Bullish this week:

• Neutral Sentiment: JPMorgan lowered its price target on Bullish to $26 from $43 and maintained a neutral rating, signaling a more cautious outlook on the stock’s valuation and near-term upside. JPMorgan lowers Bullish price target
• Negative Sentiment: The downgrade comes as Bullish already trades near its 52-week low, far below its 50-day and 200-day moving averages, highlighting ongoing pressure on sentiment after a recent earnings miss and weak net margin.
• Neutral Sentiment: Recent broader market headlines using the word “bullish” across crypto and other stocks do not appear to be company-specific drivers for Bullish and are unlikely to materially affect BLSH shares.

Insider Activity

In other news, CEO Thomas W. Farley sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $43.95, for a total value of $3,516,000.00. Following the sale, the chief executive officer directly owned 80,000 shares of the company’s stock, valued at approximately $3,516,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BLSH shares. JPMorgan Chase & Co. dropped their price target on shares of Bullish from $43.00 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bullish in a research note on Friday, March 27th. Cantor Fitzgerald upped their price target on shares of Bullish from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Citigroup dropped their price target on shares of Bullish from $67.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. Finally, Wall Street Zen downgraded shares of Bullish from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.67.

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.