Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
New York-based asset management firm Apollo Global Management, Inc. (NYSE: APO) reported its Quarter 3 earnings yesterday. The report showed several times the growth which is getting reflected in the APO stock price.
During the third quarter, Apollo reported a staggering growth of 25 times as compared to its same quarter last year. The major drivers of this growth are the asset management and retirement services businesses. The company recorded quarterly fee-related earnings (FRE) of $472 Million. This was a result of their management fee growth, record quarterly capital solutions fees, and controlled expenses.
The Growth Drivers
A record quarterly spread-related earnings (SRE) of $873 Million was achieved in the same period. This was driven by robust organic growth and new business profitability. These results indicate that the business has grown significantly in the last 3 months.
Furthermore, one of the major growth Key Performance Indicators (KPIs) for asset management firms is their Asset Under Management (AUM). Apollo Global Management reached an AUM of $631 Billion, with total inflows of $33 Billion in the third quarter. The management has stated its focus is to make progress on three strategic growth pillars: origination, global wealth, and capital solutions.
Strong Investment Performance
In their global wealth segment, fundraising from individual investors remains positive. The investment value has exceeded last year’s level. The growth is driven by an expanding product suite and distribution reach, as well as strong investment performance given by the company. Moreover, to retail investors, the current price-to-earnings (P/E) ratio is 39 times its earnings per share of $2.14.
Technical Analysis and Prediction of the APO Stock Price
At press time, the APO stock price is trading at the level of $84.1 after the bears reclaimed the resistance level of $92.05. The trend is upward while the stock is currently on its support level at $80.6. The 50-day EMA is hovering at $84.9 after making a bullish crossover with the 150-day EMA at $79.1.
The APO stock price prediction is bullish from here and the target price is somewhere near the first resistance level. However, to reach its target of the first resistance level, the bulls need to get over the 50-day EMA which is currently giving some rejections.
Conclusion
Apollo Global Management, Inc. (NYSE: APO) reported its Quarter 3 earnings yesterday. The company has shown impressive growth of more than 25 times in its revenue. As the firm is giving good fundamental performance, its stock price is also in an uptrend.
Technical Levels
- Support Levels: $80 and $63
- Resistance Levels: $92 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/03/apo-stock-price-q3-reports-25-folds-growth-in-revenue/