Bullish (NYSE:BLSH) Trading Down 9.9% After Earnings Miss

Posted by Stanley Muller on May 15th, 2026

Shares of Bullish (NYSE:BLSH – Get Free Report) dropped 9.9% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $35.80 and last traded at $35.55. Approximately 1,098,030 shares were traded during trading, a decline of 34% from the average daily volume of 1,673,436 shares. The stock had previously closed at $39.46.

The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.04). Bullish had a negative net margin of 0.95% and a negative return on equity of 10.58%. The firm had revenue of $92.83 million during the quarter. The business’s revenue for the quarter was up 48.8% compared to the same quarter last year.

Bullish News Roundup

Here are the key news stories impacting Bullish this week:

Positive Sentiment: Bullish reported Q1 2026 revenue of $92.8 million, up 48.8% year over year, and earnings per share of $0.13, showing the business is still growing despite market volatility. Bullish reports first quarter 2026 results
Positive Sentiment: Cantor Fitzgerald raised its price target on Bullish to $43 from $39 and kept an overweight rating, signaling continued upside expectations from at least one Wall Street firm. Benzinga report on Cantor Fitzgerald rating
Neutral Sentiment: Management struck an optimistic tone on the earnings call, highlighting the proposed Equiniti acquisition as part of a broader growth strategy in digital-asset infrastructure. Bullish reports first quarter 2026 results
Negative Sentiment: The quarter also came with a wider net loss and missed analyst expectations on earnings, which is weighing on sentiment despite stronger revenue growth. Bullish shares dip on Q1 earnings miss, $605M loss
Negative Sentiment: CEO Thomas Farley sold 80,000 shares, a disclosure that may add pressure by making some investors cautious about insider confidence. Bullish CEO Sells Stock

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Bullish from a “sell” rating to a “hold” rating in a research note on Monday, February 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Bullish in a research note on Friday, March 27th. JPMorgan Chase & Co. reduced their price target on shares of Bullish from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $61.00 price target on shares of Bullish in a research note on Friday. Finally, Rosenblatt Securities raised their price target on shares of Bullish from $39.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday. 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 stock. Based on data from MarketBeat, Bullish presently has an average rating of “Hold” and an average price target of $51.92.

Check Out Our Latest Stock Analysis on BLSH

Insider Activity

In other news, CEO Thomas W. Farley sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $43.95, for a total value of $3,516,000.00. Following the transaction, the chief executive officer owned 80,000 shares in the company, valued at approximately $3,516,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Rakuten Securities Inc. acquired a new position in shares of Bullish in the 4th quarter worth approximately $28,000. Ameritas Advisory Services LLC bought a new stake in Bullish during the 3rd quarter valued at $29,000. Strs Ohio bought a new stake in Bullish during the 4th quarter valued at $30,000. MetLife Investment Management LLC bought a new stake in Bullish during the 4th quarter valued at $30,000. Finally, CWM LLC bought a new stake in Bullish during the 3rd quarter valued at $31,000.

Bullish Stock Down 9.8%

The firm has a market cap of $5.37 billion and a P/E ratio of 355.50. The stock’s 50 day simple moving average is $38.92 and its 200 day simple moving average is $39.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 27.69 and a current ratio of 29.28.

Bullish Company Profile

(Get Free Report)

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.