Global finance and real estate giant Blackstone made the latest list of new buys by the best mutual funds. BX stock joins Stifel Financial, Charles Schwab, Raymond James and others from the financial sector.
As it tests a buy point in a double bottom, Blackstone also made the IBD Breakout Stocks Index. Alongside Stifel, Charles Schwab and Raymond James Financial, you'll also find BX stock on the IBD 50 list of top growth stocks.
Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions and individuals. With global headquarters in New York, Blackstone has approximately $881 billion in assets under management. The company focuses on private equity, real estate, hedge fund solutions, and credit & insurance.
Last month, Blackstone launched Horizon Industrial Parks, a portfolio of logistics parks in India. Managed by Blackstone Real Estate, the move supports Blackstone's rapidly expanding logistics footprint in the country.
Blackstone's global reach also includes Blackstone Life Sciences, Blackstone Growth, Infrastructure assets, and more.
See Who Joins Blackstone On The IBD Breakout Stocks Index
Blackstone Posts 'Fastest Growth Rate In Over A Decade'
On Jan. 27, Blackstone reported Q4 earnings, notching a record-breaking year. Chairman and CEO Stephen Schwarzman said its limited partners entrusted the firm with $270 billion of inflows in 2021. He noted that it marked Blackstone's "fastest growth rate in over a decade."
In Q4, revenue came in at $5.8 billion, a 59% year-over-year increase. Over the last three years, Blackstone has generated average sales growth of 55%, earning it strong stock ratings in IBD Stock Checkup. Earnings growth spiked 79%, marking a second straight quarter of acceleration.
Blackstone pays a dividend yielding 2.3% on an annualized basis.
BX Stock Finds Support At 50-Day Moving Average
On Feb. 2, Blackstone cleared a 136.56 double-bottom buy point. But volume was tepid, and BX stock retreated the next day. Since then, the stock has pulled back in moderate volume, finding support at its 50-day line.
During that pullback, the relative strength line has also slipped.
Note that upside volume was strong at the end of January and the start of this month, a sign of demand. During that time, BX stock retook both its 200-day and 50-day lines to build the right side of the base.
See if Blackstone can restore that momentum and retake its initial 136.56 entry in heavy volume.
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