The stock of The Blackstone Group Inc. (NYSE:BX) is now priced at $52.33 and the shares are -0.19 points down or -0.36% lower compared to its previous closing price of $52.52. The stock had 3.916 million contracts set over the past session. BX shares’ daily volume is compared to its average trading volume at 3.365 million shares. However, it has a float of 0 million and although its performance was -1.38% over the week, it’s one to watch. Analysts have given the BX stock a yearly average price target of $61.29 per share. It means the stock’s upside potential is 17.12% with the BX share price recently placing at $51.77 to $52.72. However, some brokerage firms have priced the stock below the average, including one that has called $49.
The shorts are running away from the The Blackstone Group Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BX shares have declined. Short interest in the stock represents just 0% of its float, but the volume has dropped by 0.
In the last trading session, The Blackstone Group Inc. (NYSE:BX) dropped by -$0.73 over the week and lost -$1.19 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $64.97. The stock recorded its established 52-week high on 02/11/20.
Since 03/18/20, the stock has traded to a low of $33 at 58.58%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.35. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, The Blackstone Group Inc.’s two-week RSI is 40.1. This suggests that the stock is neutral at the moment and that BX shares’ price movement remains stable. The stochastic readings are equally revealing at 11.55% meaning the BX share price is currently in overbought territory.
The technical chart shows that the BX stock will likely settle at between $52.78 and $53.22 per share. However, if the stock dips below $51.83, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $51.32.
Currently, the stock is trading in the red of MACD, with a reading of -0.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned BX a rating of Buy in their intiating review released on June 25. Citigroup analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on June 08. BofA/Merrill seeing the stock struggling downgraded it from Buy to Neutral on October 14.
The average rating for the BX equity is 2.18 and is currently gathering a bullish momentum. Of 18 analysts tracking The Blackstone Group Inc. polled by Reuters, 6 rated BX as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BX stock price is 18.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 70.7 above the group’s average of 21.6. The Blackstone Group Inc. has its P/E ratio at 6.8, which means that the stock is currently trading at a premium relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for The Blackstone Group Inc. (NYSE:BX) will decrease by about -3.4%, which will see them reach $1220 million. The company’s full-year revenues are, however, expected to diminish by about -10.39%, down from $5580 million to $5000 million. BX’s expected adjusted earnings should drop almost -15.52% to end up at $0.49 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -12.99% to record $2.01/share.