BlackRock (NYSE:BLK) Sets New 52-Week High - Still a Buy?

Key Points

• BlackRock shares hit a new 52-week high, reaching $1,203 during Wednesday trading, up from a prior close of $1,161.32.
• The company beat quarterly expectations, reporting EPS of $15.93 and revenue of $7.75 billion, with revenue up 19.1% year over year. Analysts’ consensus rating is “Moderate Buy,” with a $1,342.25 average price target.
• Business news was mixed: BlackRock launched an active robotics ETF and expanded Aladdin’s analytics offering, while its Bitcoin ETF saw $405 million in daily outflows and one valuation assessment suggested the stock may be about 13% overvalued.

Shares of BlackRock (NYSE:BLK - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $1,203.00 and last traded at $1,196.8980, with a volume of 51,754 shares. The stock had previously closed at $1,161.32.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched the iShares Future Robotics and Related Technologies Active ETF, adding a product focused on automation and robotics. This expands its active ETF lineup, though the launch’s effect on revenue will depend on investor demand. Read More.
• Positive Sentiment: BlackRock’s Aladdin platform is partnering with Premialab to bring quantitative-strategy data and analytics into institutional clients’ workflows. The tie-up could strengthen Aladdin’s offering and support client adoption. Read More.
• Neutral Sentiment: A valuation analysis says BLK could be about 13% overvalued despite recent share-price momentum and the robotics ETF launch. This is an analyst assessment, not a company forecast, and presents a counterpoint to the product news. Read More.
• Neutral Sentiment: BlackRock’s reported stake in OMV rose above 5%, while Bank Julius Baer increased its BLK position by 4.1% in the third quarter. The ownership disclosures and institutional purchase may signal investor interest but do not establish a change in BlackRock’s fundamentals. Read More. · Read More.
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) recorded about $405 million in outflows on Nov. 2, its largest daily withdrawal since June. U.S. spot Bitcoin ETFs collectively saw about $399 million in net outflows that day, amid broader crypto-market selling. Continued redemptions could reduce fund assets and fee income; the flows reflect investor activity in the funds, not necessarily BlackRock selling crypto for its own account. Read More.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Evercore reissued an "outperform" rating and issued a $1,275.00 target price (down from $1,300.00) on shares of BlackRock in a report on Friday, October 9th. Keefe, Bruyette & Woods increased their price objective on shares of BlackRock from $1,290.00 to $1,310.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of BlackRock from $1,315.00 to $1,355.00 and gave the stock a "buy" rating in a research report on Thursday, October 15th. BNP Paribas Exane lifted their target price on shares of BlackRock from $1,370.00 to $1,430.00 and gave the stock an "outperform" rating in a research report on Thursday, October 15th. Finally, TD Cowen raised shares of BlackRock from a "hold" rating to a "buy" rating and upped their price target for the company from $1,212.00 to $1,405.00 in a report on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,342.25.

BlackRock Stock Performance

The firm has a market cap of $187.78 billion, a PE ratio of 27.57, a P/E/G ratio of 1.21 and a beta of 1.37. The stock has a 50-day moving average price of $1,103.81 and a 200 day moving average price of $1,064.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share for the quarter, topping the consensus estimate of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The firm's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the business posted $8.43 earnings per share. Research analysts forecast that BlackRock will post 57.82 earnings per share for the current year.

Hedge Funds Weigh In On BlackRock

Large investors have recently bought and sold shares of the stock. RMG Wealth Management LLC acquired a new stake in shares of BlackRock during the 1st quarter worth $25,000. Addison Advisors LLC acquired a new position in BlackRock in the second quarter valued at $25,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in BlackRock during the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in BlackRock during the second quarter valued at about $30,000. Finally, Putney Financial Group LLC acquired a new stake in BlackRock during the third quarter worth about $32,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Company Profile

BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.

BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.

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