Cathie Wood’s Ark Invest has been loading up on Bullish stock. The firm purchased a combined ~122,000 BLSH shares across May 18 and 19, spending roughly $2.5 million in total.
The timing is interesting. BLSH had just slid to a one-month low of $35.56 after the company posted weaker-than-expected Q1 results. Rather than walking away, Ark doubled down.
Bullish reported Q1 adjusted EPS of $0.13, missing the $0.17 estimate. Revenue came in at $92.8 million, short of the projected $95.4 million. The miss triggered a sell-off, but it didn’t last long.
By Tuesday, BLSH closed at $36.23, up about 2%. On the day Ark’s May 18 purchases became public, the stock jumped roughly 4%.
The buying was split across Ark’s flagship funds. ARKK took the largest slice — 38,900 shares on May 18 and the bulk of the May 19 purchase as well. ARKW and ARKF each picked up smaller amounts, reflecting Bullish’s positioning as both a fintech and next-gen internet play.
Ark has been a consistent backer of BLSH since its public debut. This latest round of buying suggests the firm sees the Q1 miss as a speed bump, not a red flag.
The purchases also came shortly after Bullish announced a $4.2 billion acquisition of Equiniti, a major shareholder services company. The deal puts Bullish squarely in the tokenization space, which Ark has been bullish on broadly.
Wall Street hasn’t turned cold on the stock either. Rosenblatt Securities has a price target of $42.50 on BLSH. The average analyst target implies around 42% upside from current trading levels.
That’s a wide gap, but it reflects the growth potential analysts see in Bullish’s crypto exchange and digital asset business.
As of Tuesday’s close, BLSH sat at $36.23. Ark now holds a meaningful position across three separate ETFs, and the stock’s reaction to the buying activity suggests the market is paying attention.
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