Blackstone Shares Are Moving Higher Today: Here's Why

Blackstone Inc BX shares are trading higher Tuesday after it was announced the company will be added to the S&P 500.

What Happened: The S&P Dow Jones Indices will add Blackstone and Airbnb to the S&P 500 and remove Lincoln National and Newell Brands as part of its quarterly rebalance. The changes are set to become effective prior to the open of trading on Sept. 18.

Blackstone shares are up more than 22% over the last three months. The company last reported earnings in July, posting mixed results. Several analysts raised price targets on the stock following the print, ranging from $97 to $125 per share. Of all the analysts that cover Blackstone, 17 of them have Buy or Overweight ratings, four have Neutral ratings and just one has a Sell rating. 

See Also: Why Airbnb Stock Is Rising Tuesday

BX Price Action: Blackstone shares were up 3.31% at $107.95 at the time of writing, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.