ARK Investment Management LLC Purchases Shares of 2,576,709 Bullish $BLSH

ARK Investment Management LLC acquired a new position in shares of Bullish (NYSE:BLSH) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 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 holdings, making the stock its 26th biggest holding. ARK Investment Management LLC owned about 1.76% of Bullish at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BLSH. Monashee Investment Management LLC acquired a new stake in Bullish during the 3rd quarter worth $3,180,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Bullish during the third quarter worth about $2,723,000. TD Asset Management Inc acquired a new stake in shares of Bullish during the third quarter worth about $3,557,000. Vestmark Advisory Solutions Inc. purchased a new stake in shares of Bullish in the 3rd quarter valued at about $2,717,000. Finally, BIT Capital GmbH acquired a new stake in shares of Bullish in the 3rd quarter valued at about $1,462,000.

Wall Street Analyst Weigh In

BLSH has been the topic of a number of recent research reports. Citigroup cut their target price on shares of Bullish from $77.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Wall Street Zen raised shares of Bullish from a “sell” rating to a “hold” rating in a report on Monday, February 23rd. Rosenblatt Securities decreased their target price 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. JPMorgan Chase & Co. dropped their price target on Bullish from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $50.00 price objective on shares of Bullish in a research note on Tuesday, January 6th. Five investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $52.08.

Bullish Price Performance

Bullish stock opened at $36.94 on Thursday. The company has a quick ratio of 27.69, a current ratio of 29.28 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $34.93 and its 200 day simple moving average is $46.70. Bullish has a 52 week low of $24.79 and a 52 week high of $118.00. The firm has a market capitalization of $5.40 billion and a PE ratio of 369.40.

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

Bullish 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.