Stock Market Today, March 17: Blue Owl Capital Rises Though Private Credit Fears Linger
Blue Owl Capital (NYSE:OWL), a specialty finance firm that’s struggled as private-credit funds have come under scrutiny, closed Tuesday at $9.15, up 4.45%. There was no clear driver for today’s gains, though wider sector gains could reflect a shift in sentiment.
Trading volume reached 41.8 million shares, coming in about 57% above its three-month average of 26.6 million shares. Blue Owl Capital IPO'd in 2020 and has fallen 15% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.25% to finish Tuesday at 6,716, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 0.47% to close at 22,480. Within alternative asset management, industry peers Ares Management (NYSE:ARES) closed up 6.57% at $105.67 Blackstone (NYSE:BX) gained 4.56% to finish at $112.00, reflecting broad strength across the group.
What this means for investors
Blue Owl Capital pared some of its gains today, but the stock has still dropped over 50% in the past year. A combination of intensifying private credit fears and the firm’s focus on software stocks has weighed heavily on its price.
Today’s shift comes alongside peer gains, suggesting investors may think the sector is oversold. Other drivers could include the firm’s push into other sectors -- Blue Owl Capital recently lent $550 million to life-sciences firm, Scholar Rock (NASDAQ:SRRK). Plus, earlier this month, Oppenheimer reiterated its “outperform” rating on the stock.
Even so, investors remain cautious. As private credit comes under stress and fund managers, including Blue Owl, restrict redemptions on certain funds, this storm may not be over.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone. The Motley Fool has a disclosure policy.
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