Financial stocks are perking up as the Fed inches toward its first interest rate cut in years. Asset management giant Blackstone is among the companies getting a lift.
On June 27, Blackstone reported that second quarter earnings soared 909% to $1.11 per share vs. the same quarter a year ago, on a 167% lift in revenue to $3.69 billion.
On Monday, the Relative Strength (RS) Rating for Blackstone stock jumped from 68 to 71.
The upgraded 71 RS Rating means Blackstone stock tops more than 70% of all stocks for price performance over the past year. It also puts it within reach of a key benchmark. Market research shows that the best-performing stocks tend to have an 80 or better RS Rating in the early stages of their moves. See if Blackstone can continue to show renewed price strength and hit that benchmark.
When To Sell Stocks To Lock In Profits And Minimize Losses
Blackstone Stock Popped 54% In last 20 months.
Blackstone stock traded at 71.72 at the end of December 2022. Since then, it's risen about 54% and traded around 132 Monday afternoon, up for the day. However, it's still a ways below its all-time high 149.78, set in mid-November 2021.
Blackstone stock is trying to complete a flat base with a 133.56 buy point. See if it can clear the breakout price in volume at least 40% above average.
Analysts See Small Profit On Strong Sales Growth
Street consensus is for EPS to edge up 5% to 98 cents this quarter on a tough comp with the same quarter last year. Sales are projected to pop 10% to $2.58 billion. Look for the next report on or around July 18.
Among its other key ratings Blackstone stock has an 84 Composite Rating and a mild 60 Earnings Per Share Rating. Its EPS Rating is lackluster because earnings have been a bit erratic, albeit generally strong.
Over the past year it reported EPS gains of more than 1,000% two quarters in a row, then a year-over-year earnings drop of 73% before jumping to the 909% gain last quarter.
Blackstone stock holds the No. 23 rank among its peers in the 119-stock Finance-Investment Management industry group. StepStone, WisdomTree and Hamilton Lane are among the top 5 highly rated stocks in the group.
IBD's proprietary RS Rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
Please follow James DeTar on X, formerly known as Twitter, @JimDeTar
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