Cryptocurrency exchange Bullish  will release earnings for the first quarter before the bell on Thursday. Here’s what’s happening with the company and its stock.

EPS, Revenue Forecast

Analysts forecast earnings per share of $0.17 for the company, down 10% quarter-over-quarter. Bullish is expected to deliver revenue of $94.87 million, marking a 2.56% increase from the previous quarter.

The BLSH stock has a consensus price target of $51.91 based on the ratings of 12 analysts, with the highest forecast of $65 issued by Citigroup in March. Based on the three most recent analyst ratings, the average price target is $48.33, implying 13.46% upside potential for the stock.

‘Bullish’ Or Bearish?

Short interest in the stock rose from 8.82 million to 8.98 million, accounting for 17.90% of the company’s publicly available float, indicating high bearish sentiment.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” signal for BLSH, according to TradingView. The Relative Strength Index hovered just above the centerline at 50, implying a "Neutral" condition.

Crypto Volumes Sink In Q1

Bullish, backed by billionaire venture capitalist Peter Thiel, debuted on the stock market in August last year. The shares opened to a strong blockbuster performance. Cathie Wood-led Ark Invest has been among the company's major investors.

Bullish reported $196.7 billion in total trading volume, including spot and derivatives, for the quarter ending March 31, down 11.5% from the previous quarter.

Price Action: Shares of Bullish are down 3.25% in pre-market trading after closing 2.79% lower at $42.80 during Tuesday’s regular trading session, according to data from Benzinga Pro.

Benzinga’s Edge Stock Rankings indicate long-term weakness for BLSH stock, while short- and medium-term trends remain positive.