Bullish stock falls after posting $18.5 million profit in Q3 earnings
Bullish stock dropped 8% despite reporting a record $18.5 million Q3 net income, leading to mixed analyst reactions.Summary
Bullish (BLSH) stock declined 8% following its Q3 earnings report, which showed a record net income of $18.5 million, a significant turnaround from a $67.3 million loss year-over-year, on adjusted revenue of $76.5 million. This performance was attributed to the introduction of U.S. spot markets and options trading. Analysts offered mixed views; Cantor Fitzgerald maintained an "overweight" rating but lowered its price target due to peer group multiple adjustments. Conversely, VanEck's Matt Sigel noted that non-trading revenue was flat and perpetual futures spreads turned negative in October. Despite these mixed signals, Bullish had a strong quarter, securing a relationship with Deutsche Bank and winning five new U.S. exchange-traded product launches, with options business surpassing $1 billion in its launch quarter. The company expects subscription and services revenue to reach $53 million in Q4.
(Source：The Block)