The popular asset manager reached on Friday a market cap of more than $82 Bln! Shares are trading for $114 and this means that a lot of people made huge profits from that rally!
In the last week of October, BX was trading below $90 per share. In about of a month of trading, the company enjoyed an increase of $25, which is almost 30%! Massive, right, those are the type of winnings people trade stocks for! The 20, 50 and 200 moving averages are all pointing north, which is a clear indication the price is trending up. The recent Golden Cross on the 20 and 50 MA is another confirmation that buyers are still in control and at the same time the price is not even close to its ATH.
It is a highly loved stock, investors just love buying into BX, hence the high P/E of 47. But why shouldnt people expect so much from Blackstone in the future. The revenue is $ 7.4 Bln and its more than almost all of their direct competitors! Operating Margin is above 38% , which means the company is clearly making money. This why investors in BX are also making money now.
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