Shares of Bullish (BLSH) Up Another 7.5% on Earnings

By Ian Cooper Published Sep 18, 11:24AM EDT

Key Points

Not only did Bullish post better-than-expected second-quarter earnings, but it also posted strong guidance.
Analysts at Compass Point also raised their price target on Bullish to $56 from $45.

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Shares of Bullish (BLSH) Up Another 7.5% on Earnings — © mezzotint / Shutterstock.com

Shares of crypto exchange Bullish (NYSE: BLSH | BLSH Price Prediction) are up more than 7.5% after posting its first earnings release since going public.

Not only did the company post better than expected second quarter earnings, but it also posted strong guidance for the third quarter.

In its second quarter, net income was $108.3 million, or 93 cents per share. That’s comparable to its year-earlier loss of $116.4 million, or $1.03 per diluted share. Revenue of $57 million was above estimates of $55.8 million. Digital asset sales were $58.6 billion, up from $49.6 billion.

And, as noted by CEO Tom Farley:

”We are pleased with our results for the quarter – we saw exciting liquidity services growth, executed on a successful Consensus conference, and prepared for what would be a successful IPO. We’re excited that the work we did in the second quarter is already directly contributing to strong business momentum in the third quarter and beyond. Our recent receipt of the prestigious New York DFS Bitlicense is testament to our institutional rigor and truly global reach.”

Moving forward, the company expects adjusted revenue of $69 million to $76 million, which is above the estimated $57.1 million.

Compass Point Raised BLSH Price Target to $56

Analysts at Compass Point also raised their price target on Bullish to $56 from $45 a share.

This was after earnings, and after the company’s news, it received approval from the New York Department of Financial Services (NYDFS), which will allow for faster U.S. expansion.

“Securing the New York BitLicense is a significant regulatory milestone for our growth in the U.S. and also signals our credibility to operate within the financial capital of the world,” said Chris Tyrer, President of Bullish Exchange, as quoted in a company press release.

“We believe that clear regulation drives responsible market evolution and institutional engagement. We look forward to offering New York’s institutions and advanced traders Bullish’s regulated, high-performance digital asset services.”

Cantor Fitzgerald Raised its Price Target to $59

Analysts at Cantor Fitzgerald raised their price target to $59 from $56 a share, with an overweight rating, thanks to earnings.

The analysts also highlighted strong demand in Bullish’s SS&O (Subscription, Services, and Other Revenue) segment, which includes liquidity services, indices, data, and information services.

We should also note that Cathie Wood’s Ark Invest bought over 160,000 shares of Bullish for about $8.3 million ahead of the company’s first earnings release.