Bullish Stock Drops 8% Despite Strong Q3 Earnings as Analysts Lower Price Target
Bullish (BLSH) shares fell sharply after mixed third-quarter results, with the stock dropping 8% despite posting record revenue. The company reported net income of $18.5 million, a significant reversal from last year's $67.3 million loss. Adjusted revenue reached $76.5 million, while adjusted EBITDA stood at $28.6 million.
Cantor Fitzgerald maintained its overweight rating but cut the price target to $56 from $59, citing Bullish's strong positioning in crypto ETF markets and institutional appeal. Flat non-trading revenue and limited growth from CoinDesk weighed on sentiment.
The earnings beat was driven by new offerings like U.S. spot markets and options trading. Yet investor caution prevailed as analysts debated the sustainability of growth amid stagnant ancillary revenue streams.
