Stock Prices of Bullish Company Spiking Today
In the dynamic world of cryptocurrency, Bullish has been making waves since its public debut in August. The company, which specialises in digital asset trading, has seen significant growth and achievements, as evidenced by its latest financial reports and licensing milestones.
Bullish, which priced its shares at $37 during the initial public offering (IPO), experienced a remarkable surge on its first day of trading, with shares soaring to $118. Since then, the shares have stabilised, currently trading around $57.50. As of the latest update, the current price stands at $65.61.
The company's trading volume has been impressive, reaching nearly $180 billion in Q2. This high volume has contributed to Bullish's strong financial performance. In Q2, the company reported net income of approximately $108 million and adjusted revenue of $57 million. Bullish is also guiding for net income between $12 million and $17 million in Q3, with a midpoint EBITDA of about $26.5 million.
Bullish's success is not limited to its trading volume. The company has also made strides in regulatory compliance, becoming one of only three companies to receive both a BitLicense and a New York Money Transmitter License since 2023, joining the ranks of Gemini and Circle. This licensing allows Bullish to operate legally within the United States.
However, not all analysts are bullish on this space. One analyst, whose identity remains undisclosed, has expressed reservations due to the dependency on crypto volume. Despite this, other analysts, such as those from Cantor Fitzgerald, maintain an overweight rating on the Bullish stock. In fact, Cantor Fitzgerald analysts recently raised their price target on Bullish to $59.
The day's range for Bullish shares is currently $57.12 - $66.48. With its strong financial performance, regulatory compliance, and positive outlook from some analysts, Bullish continues to thrive in the ever-evolving crypto market.
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