In its recent filing to the Securities Exchange Commission (SEC), private equity major Blackstone Inc. (NYSE: BX) disclosed that one of its major shareholders has sold some of its holdings in the company.
On May 25, Holdings L.P. Blackstone III sold 4,236 shares of Blackstone at an average price of $100.11 for a total consideration of $424,065.96. The average sale price represents a discount of 21% from Friday’s closing price of $121.04.
Following the transaction, Holdings L.P. Blackstone III now owns 1,311,663 shares of Blackstone worth roughly $131.3 million.
On May 5, the company sold 8,700 shares of Blackstone at an average price of $95.08 a share.
Between March 11 and April 20, Holdings L.P. Blackstone III sold 535,848 shares of the company.
Stock Rating
Recently, Deutsche Bank analyst Brian Bedell reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $182 to $180, which implies upside potential of 48.7% from current levels.
Overall, the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on six Buys and four Holds. BX’s average price target of $147.56 implies that the stock has upside potential of 21.9% from current levels.
Insiders’ Activity on TipRanks
According to TipRanks, the confidence of corporate insiders is currently Positive on BX. Yet, the corporate Insiders have sold shares worth $1.3 million over the past three months.
Conclusion
Shares of Blackstone have declined more than 4% so far this year. Although the wider market concerns can be a cause for this fall, the selling spree by a major shareholder like Holdings L. P. Blackstone III could also be putting the stock under pressure.
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