BlackRock (BLK) is IBD's Stock Of The Day as bitcoin neared its all-time high and demand for bitcoin exchange traded funds soared. Monday, BlackRock shares rose along with other bank equities.
The world's top money manager managed $10 trillion in assets in 2024, up 16.5%. BlackRock announced it will buy Global Infrastructure Partners, which oversees $100 billion in client assets, in January. Nothing wrong with that. Bitcoin's explosive rally may delight investors most.
Record inflows into spot bitcoin ETFs during the bitcoin price increase solidified their status as investor favorites, Bloomberg reported March 3. Two major winners: BlackRock.
Nine new bitcoin exchange traded funds have seen 79% of inflows go to BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Investments' Wise Origin Bitcoin Fund (FBTC). Since Jan. 10, when the SEC approved bitcoin ETFs, inflows have increased
Bitcoin climbed 6.9% to $67,031.36 on Monday, its first move above $65,000 since November 2021. The digital coin has risen 55% this year, beating the S&P 500 index.
Dow Jones Market Data reports Bitcoin's November 2021 record high of $68,990.90. Today, BlackRock Stock rose 2.4% to 834.47 in high volume. MarketSurge pattern detection showed BlackRock stock exceeded 819 bought points from a nine-week flat foundation. 5% buys reach 859.95.
The financial firm cleared the flat-base entry Feb. 23. After finding support at the 10-week moving average, it surged back to the buy zone Monday. On the downside, the relative strength line is much below its consolidation peak. The RS line is below the 52-week and lifetime highs. The blue strength indicator in the chart compares a stock to the S&P 500.
Fundamentals are another drawback. The latest quarter saw BlackRock's earnings and revenue grow by single-digits. FactSet reported 0.1% sales decline for BlackRock in 2023. On average, analysts estimate 2024 sales will rise 12%.
On Monday, IBD's top three industries were superregional banks and mortgage and related services. PNC Financial (PNC) rose over 5%. Fifth Third Bancorp (FITB) and KeyCorp (KEY) both rose 4%, with Fifth Third considering a purchase point. Breakout Huntington Bancshares (HBAN) rose 3.5%. Morgan Stanley (MS) rose almost 4%, retaking its 50-day moving average since January.
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