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Valued at a market cap of $101.7 billion, Blackstone Inc. (BX) manages alternative investments and provides financial advisory services. The New York-based company specializes in real estate, private equity, hedge fund solutions, credit, public debt and equity, and multi-asset class strategies.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Blackstone fits this criterion perfectly. Blackstone is the largest alternative investment firm globally, having more than $1 trillion in total assets under management as of May 2024, and invests in companies with enterprise value between $500 million and $5000 million.
BX shares are trading 4.1% below their 52-week high of $145.16, which they hit on Jul. 23. BX has gained 16.8% over the past three months, significantly outperforming the broader Nasdaq Composite ($NASX), which has gained 3.5% over the same time frame.
However, longer term, shares of BX are up 6.9% on a YTD basis, lagging behind NASX’s 16% gains. BX has gained 33.2% over the past 52 weeks, outperforming NASX’s 24.1% return over the same time frame.
BX has been trading above its 200-day moving average since late May and has also remained mostly above its 50-day moving average since early August, indicating a bullish trend.
This year, BX has benefitted from diversified investment performance across its funds and appreciation of corporate, private equity, and hedge fund values.
The stock gained 1.2% following its Q2 earnings release on Jul. 18 despite the $0.96 per share earnings missing the consensus estimate of $0.99. However, the reported revenue of $2.52 billion slightly surpassed the estimate. On Jul. 24, Blackstone shares plunged 4.2% after the company announced a 24% dividend cut due to ongoing challenges in the commercial real estate sector.
Given its strong price performance, analysts are moderately optimistic about BX's prospects. The stock has a consensus rating of "Moderate Buy" from 21 analysts in coverage. The mean price target is $133.84, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
