Key Points
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Bullish lost ground in response to an investment firm issuing an underwhelming price target on the stock.
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Compass Point set a one-year price target of $45 per share on Bullish.
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Bullish stock also fell in response to valuation moves in the crypto market.
Bullish (NYSE: BLSH) stock suffered a big sell-off over the last week of trading. The cryptocurrency exchange company’s share price fell 11.3% across the stretch. The sell-offs came despite the S&P 500 rising 0.3% and the Nasdaq Composite rising 1.1%.
After rocketing 83% higher on the day of its August initial public offering (IPO) and posting additional gains in the next couple of days of trading, Bullish stock has seen a significant valuation retracement. The company’s share price is now down 17% from market close on the day of its IPO and 26% from its all-time high.
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Bullish stock slips in response to analyst coverage
On Sept. 3, Compass Point published a research note initiating coverage on Bullish with a neutral rating. The investment firm also set a one-year price target of $45 per share on the stock, which still implies additional downside of roughly 14% as of this writing.
While Compass Point noted that Bullish had the opportunity to take market share away from Coinbase Global, the firm indicated that it saw limited upside potential given the crypto specialist’s highly growth-dependent valuation. Compass Point thinks Bullish could score wins as it enters the U.S. market, but its analysts expect that this move won’t occur until new crypto-related legislation is passed next year. While the current makeup of Congress suggests that pro-crypto bills stand a good chance of passing, more favorable regulatory structures are also not a sure thing.
Moves in the crypto market also impacted Bullish
As a company focused on cryptocurrency-exchange services, Bullish is prone to seeing valuation moves in conjunction with valuation trends for crypto tokens. Bitcoin and other top tokens saw some modest valuation pullbacks across the trading period that gave way to Bullish’s double-digit valuation slide.
On the heels of explosive valuation gains on the day of its IPO, Bullish saw outsize sell-offs in response to mild valuation pressures in the crypto market. For better or worse, it’s reasonable to expect that pricing trends for top crypto tokens will continue to have a significant impact on Bullish’s valuation moves.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.