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Blackstone Inc. (BX) Soars 5.5%: Is Further Upside Left in the Stock?
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Blackstone Inc. (BX - Free Report) shares ended the last trading session 5.5% higher at $98.47. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.9% gain over the past four weeks.
Shares of Blackstone rallied for the second consecutive trading day. Investors seem to be bullish on this asset manager as redemption requests have been declining since last month. This, along with steady inflows, drove the BX stock higher.
This investment manager is expected to post quarterly earnings of $0.94 per share in its upcoming report, which represents a year-over-year change of -36.9%. Revenues are expected to be $2.4 billion, down 42.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Blackstone Inc., the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BX going forward to see if this recent jump can turn into more strength down the road.
Blackstone Inc. is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, Ponce Financial (PDLB - Free Report) , finished the last trading session 0.1% higher at $8.80. PDLB has returned -0.9% over the past month.
For Ponce Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents a change of -433.3% from what the company reported a year ago. Ponce Financial currently has a Zacks Rank of #3 (Hold).
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Blackstone Inc. (BX) Soars 5.5%: Is Further Upside Left in the Stock?
Blackstone Inc. (BX - Free Report) shares ended the last trading session 5.5% higher at $98.47. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.9% gain over the past four weeks.
Shares of Blackstone rallied for the second consecutive trading day. Investors seem to be bullish on this asset manager as redemption requests have been declining since last month. This, along with steady inflows, drove the BX stock higher.
This investment manager is expected to post quarterly earnings of $0.94 per share in its upcoming report, which represents a year-over-year change of -36.9%. Revenues are expected to be $2.4 billion, down 42.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Blackstone Inc., the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Blackstone Inc. is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, Ponce Financial (PDLB - Free Report) , finished the last trading session 0.1% higher at $8.80. PDLB has returned -0.9% over the past month.
For Ponce Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents a change of -433.3% from what the company reported a year ago. Ponce Financial currently has a Zacks Rank of #3 (Hold).