Bullish reported mixed Q2 results with revenue beating estimates but EPS missing. Several analysts subsequently lowered their price targets, citing a weak start to Q3 trading activity despite strong non-trading revenue growth.
Bullish (BLSH) released its Q2 earnings, showing a revenue beat driven by subscription and services, but an EPS miss. This mixed performance, coupled with a 'very disappointing start' to Q3 trading volumes, led several analysts, including Rosenblatt and JPMorgan, to cut their price targets. This is significant for traders as it indicates potential downward pressure on the stock in the short term, despite the company's efforts to diversify beyond crypto trading and its strong balance sheet. The long-term outlook is somewhat cushioned by the planned Equiniti acquisition and growth in non-trading revenue, but the immediate concern is the weakening crypto market impacting current quarter performance and potentially future consensus estimates.