Apollo Global Management is Tuesday's IBD 50 Growth Stocks To Watch as the asset management firm remains in a buy zone from a flat base.
Apollo Global invests in credit, equity, real estate and other markets. The company also provides retirement income products to public pension plans, corporate plans, endowments, foundations, sovereign wealth funds and individuals.
The financial stock is ranked No. 3 out of 119 stocks in the investment management group, which holds the 119th slot out of the 197 IBD industry groups.
Apollo Global Management Extends Buy Opportunity
Apollo Global Management tapped the 117.15 buy point out of a stage three flat base on May 28, but the stock closed the session below the buy point. Shares have traded in and below the 5% buy zone — which goes up to 123.01 — since the mild breakout, according to MarketSurge pattern recognition. The stock is hugging its 21-day exponential moving average.
Shares are showing tighter closes and are on track to form a bullish three-weeks-tight pattern. Apollo Global stock has climbed 27% so far this year. Its relative strength line has been horizontal since February, as the stock has made little progress since its mid-February high.
Profit Growth Expected To Ease In Q2
On May 2, Apollo Global Management reported adjusted first-quarter earnings per share of $1.72, up 25% over the year-ago period. Quarterly sales increased 33%.
"With visible momentum across the platform, we're confident in our ability to deliver on our financial targets for the year," said CEO Marc Rowan in the earnings release.
FactSet's consensus estimate is for second-quarter earnings growth to slow to 5% to $1.79 per share, then increasing 14% and 8% the following two quarters.
Sales projections call for a 10% rise in Q2, followed by 9% and 19% increases. Analysts see full-year 2024 earnings growing 12% to $7.53 per share and 20% to $9.03 in 2025, according to MarketSurge. Apollo is expected to report second-quarter results on Aug. 1.
Mutual funds have added Apollo Global Management shares, with 1,609 funds owning the stock in March, up from 1,522 in December. Apollo holds an Accumulation/Distribution Rating of B, indicating institutions have been moderately buying the stock over the last 13 weeks.
Apollo Global Management stock has a solid 94 Composite Rating, 91 Relative Strength Rating and a 95 EPS Rating.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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