What a year it's been for asset management firm Blackstone! The company reversed from declining profits last year to massive gains this year. On Thursday the Relative Strength (RS) Rating for Blackstone stock moved up to a higher percentile, as it jumped 8 points, from 65 to 73.
The upgraded 73 RS Rating means that Blackstone stock beats 73% of all stocks for price performance over the past year. Meanwhile, it's approaching a key milestone. Market research reveals that the best stocks typically have an RS Rating north of 80 as they launch their largest runs. See if Blackstone can continue to show renewed price strength and clear that threshold.
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Blackstone Stock Ratings Outstanding
Among its other key ratings Blackstone has an excellent 97 Composite Rating, out of 99. The Composite is a combination of IBD's five other key ratings. New York City-based Blackstone has an 86 Earnings Per Share Rating and boasts an A SMR Rating (sales + profit margins + return on equity) on an A-to-E scale with A superb and E dismal.
Additionally, Blackstone stock carries a B- Accumulation/Distribution Rating, showing that institutional investors including ETFs and mutual funds are buying more of its shares than selling. And the number of funds holding BX stock shot up from 1,384 in the June-ended quarter to 1,532 in September.
In terms of fundamentals, Blackstone reported 73 cents earnings per share last quarter, a huge improvement (ostensibly 7,200% higher) from 1-cent EPS the same quarter a year earlier. In the prior, June 30-ended, quarter the company recorded 79-cents per share profit, vs. a 4-cent loss the same quarter a year ago. Last quarter Blackstone reported Sales grew 140% year over year to $2.54 billion.
Bottomed A Bit Later Than Most
Blackstone stock dropped to a 71.72 low on Dec. 28, 2022, bottoming from the 2022 bear market a little later than most companies. From there it's risen 35% to trade above 97 Thursday afternoon. The company hasn't recently formed a base with a clear buy signal. See if the stock goes on to establish and enter a buying range in heavy trade.
Blackstone provides asset management, alternative asset management and financial advisory services globally. It earns the No. 11 rank among its peers in the 117-stock Finance-Investment Management industry group. Ares Management and Crescent Capital BDC are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, a stock's relative price strength vs. other stocks is a good indicator to keep an eye on.
The unique Relative Strength Rating from IBD measures market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the last 52 weeks stacks up against all the other stocks in our database.
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