From the beginning of this year, BlackRock (BLK) stock added nearly $13.00 while it surged 0.83% in its year-to-date (YTD) price analysis. As BlackRock Inc. is about to release its Q2 2023 reports, BLK share price started showing bulls’ dominance. Due to this, the stock price reached its overbought zone.
Although when the company released its first quarter (Q1) 2023 report, BLK share price was trading nearly at $690.00. By comparing this price to the recent closing price of BLK stock, it has noted a surge of almost 5%.
BLK Stock Price Analysis
On July 12, 2023, Wednesday, ahead of reporting its Q2 2023 reports, BlackRock (BLK) stock price added $15.80 and rose 2.22% while closing at $726.00. The stock opened at $722.67, noted a high at $727.00 while the low was $718.86 in Wednesday’s trading session. It can also be seen that from the start of this week that the BLK stock price surpassed its 20-day moving average.
Notably, the recent closing price of BLK stock also shows its high price in nearly the last 3-months, as per the data sourced from TradingView, a web-based social network for traders.
As the above price chart shows, the pre-market price of BLK stock is resting at $727.23, showing a further price rise. Moreover, by following an upside track, the RSI of BLK stock reached its overbought zone. As the Q2 2023 report day is almost here, it can be said that BLK’s share price is trying to mark another high.
With the recent bullish movement, active investors are taking the price upside while their dominance can be clearly seen.
Looking for the BLK price target, which analysts are offering for the upcoming 1-year, is at $790.19, which is over 8% up from the recent closing price of BLK stock. As seen in the above chart, their maximum estimate is $928.00 while the minimum estimate is $690.00.
The Financial Update of BlackRock Inc.
BlackRock Inc., an investment management firm, has a market cap of approximately $108.72 Billion. It released its Q1 2023 report on April 14, 2023, which states its net income is $1.16 Billion. The total revenue of BlackRock Inc. for the quarter is $4.33 Billion which is 6.28% lower compared to the previous quarter. BLK price-to-sales ratio is 6.18 and it has an Enterprise Value to EBITDA ratio of 15.95.
Moreover, BLK dividends are paid quarterly, while the last dividend per share was $5.00. As of today, the Dividend Yield (TTM)% is at 2.78%.
Its reported earnings per share (EPS) in Q1 2023 is $7.93 while the estimation was $7.78 which accounts for a 1.95% surprise. For a similar period, BlackRock’s reported revenue is $4.24 Billion while the estimate was $4.25 Billion. The upcoming quarterly report, which will be released tomorrow, has an estimated EPS of $8.50. On the other hand, the revenue is expected to reach $4.47 Billion.
In 2022, the revenue of BlackRock Inc. amounted to $17.87 Billion, most of which around $14.45 Billion came from its highest performing source at the moment, Investment Advisory, Administration Fees, and Securities Lending. Notably, Americans made the greatest contribution to the revenue figure last year which brought BlackRock Inc. to $11.93 Billion.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/13/hows-blackrock-blk-stock-doing-ahead-of-its-q2-2023-report/