Cryptocurrency exchange Bullish (NYSE:BLSH) will release earnings for the first quarter before the bell on Thursday. Here’s what’s happening with the company and its stock.
EPS, Revenue Forecast
Analysts forecast earnings per share of $0.17 for the company, down 10% quarter-over-quarter. Bullish is expected to deliver revenue of $94.87 million, marking a 2.56% increase from the previous quarter.
The BLSH stock has a consensus price target of $51.91 based on the ratings of 12 analysts, with the highest forecast of $65 issued by Citigroup in March. Based on the three most recent analyst ratings, the average price target is $48.33, implying 13.46% upside potential for the stock.
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‘Bullish’ Or Bearish?
Short interest in the stock rose from 8.82 million to 8.98 million, accounting for 17.90% of the company’s publicly available float, indicating high bearish sentiment.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” signal for BLSH, according to TradingView. The Relative Strength Index hovered just above the centerline at 50, implying a "Neutral" condition.
Crypto Volumes Sink In Q1
Bullish, backed by billionaire venture capitalist Peter Thiel, debuted on the stock market in August last year. The shares opened to a strong blockbuster performance. Cathie Wood-led Ark Invest has been among the company's major investors.
Bullish reported $196.7 billion in total trading volume, including spot and derivatives, for the quarter ending March 31, down 11.5% from the previous quarter.
Price Action: Shares of Bullish are down 3.25% in pre-market trading after closing 2.79% lower at $42.80 during Tuesday’s regular trading session, according to data from Benzinga Pro.
Benzinga’s Edge Stock Rankings indicate long-term weakness for BLSH stock, while short- and medium-term trends remain positive.
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