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Bullish (NYSE:BLSH) is set to report its third-quarter financials before the market opens on Wednesday. Here’s what investors need to know before the announcement.
Analysts estimate the cryptocurrency exchange to announce earnings per share of $0.09, a decline from $0.93 per share it reported in the previous quarter.
The firm is expected to report quarterly revenue of $72.39 million, up from $58.63 million.
The BLSH stock has a consensus price target of $56.91 from 12 analysts, with the highest forecast of $70 set by Citigroup on Sept. 18. Based on the three most recent ratings, the average price target stands at $62, implying a potential upside of about 70% for the stock.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Sell" signal for BLSH, according to TradingView.
On the other hand, the Williams Percent Change, used to identify overbought and oversold conditions, indicated a “Buy” rating.
See Also: Trump Administration’s Bear Hug ‘Unhelpful’ For Crypto, Says Ethereum Co-Founder: ‘Created An Irrational Exuberance’
Bullish, backed by billionaire venture capitalist Peter Thiel, went public through an initial public offering in August, raising $1.213 billion in what turned out to be a blockbuster debut. The stock opened at $90.45 per share, well-above its IPO price of $37 per share.
Cathie Wood-led Ark Invest has been one of the prominent investors in the company. The firm bagged over $10 million worth of Bullish shares on Monday via its ETFs, including Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW).
Price Action: BLSH shares fell 0.67% in after-hours trading after closing 4.50% lower at $36.75 during Monday’s regular trading session, according to data from Benzinga Pro.
Benzinga’s Edge Stock Rankings showed that the stock had a weaker price trend in the short, medium, and long term. Compare it with fellow cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) by clicking here.
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