Newmark Group (NASDAQ:NMRK) Shares Gap Up on Strong Earnings

Newmark Group, Inc. (NASDAQ:NMRK) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $13.82, but opened at $14.77. Newmark Group shares last traded at $15.40, with a volume of 278,537 shares trading hands.

The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. The company had revenue of $888.30 million for the quarter, compared to analyst estimates of $790.76 million. Newmark Group had a return on equity of 18.95% and a net margin of 2.00%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS.

Analysts Set New Price Targets

Several research firms have recently weighed in on NMRK. The Goldman Sachs Group initiated coverage on shares of Newmark Group in a report on Friday, December 6th. They issued a “buy” rating and a $19.00 target price on the stock. Wolfe Research cut shares of Newmark Group from an “outperform” rating to a “peer perform” rating in a research note on Monday, November 25th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NMRK. Sterling Capital Management LLC increased its position in Newmark Group by 813.9% in the 4th quarter. Sterling Capital Management LLC now owns 4,149 shares of the company’s stock valued at $53,000 after acquiring an additional 3,695 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Newmark Group during the third quarter valued at approximately $93,000. SG Americas Securities LLC acquired a new stake in shares of Newmark Group in the third quarter valued at approximately $112,000. Tower Research Capital LLC TRC raised its position in Newmark Group by 48.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,378 shares of the company’s stock worth $120,000 after purchasing an additional 3,070 shares during the last quarter. Finally, Optimize Financial Inc acquired a new position in Newmark Group during the 4th quarter worth $132,000. 58.42% of the stock is owned by institutional investors.

Newmark Group Price Performance

The stock has a 50-day simple moving average of $13.51 and a 200 day simple moving average of $14.11. The stock has a market capitalization of $2.51 billion, a P/E ratio of 48.97 and a beta of 1.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.42 and a current ratio of 0.42.

Newmark Group Company Profile

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.