Why Shares of Blue Owl Capital Are Falling Heading Into the Weekend
Shares of the alternative asset management company Blue Owl Capital (NYSE: OWL) had fallen more than 13.5% in the final hour of trading for no obvious reason.
Interestingly, the day started off well for Blue Owl after analysts at Goldman Sachs upgraded the company to a buy rating and assigned a one-year price target of $18.50 per share. Shares gained almost 3% in pre-market trading.
But at about 10 a.m. EDT today, things began to unravel and the stock dipped and never recovered. The Goldman report noted that Blue Owl's model was attractive because all of its earnings are from fee income, and its more than $52 billion assets under management are very sticky.
Source Fool.com
