Newmark Group (NASDAQ:NMRK) Shares Gap Up Following Earnings Beat

Shares of Newmark Group, Inc. (NASDAQ:NMRK) gapped up before the market opened on Friday following a better than expected earnings announcement. 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, topping analysts’ consensus estimates of $0.48 by $0.07. The company had revenue of $888.30 million during the quarter, compared to the consensus estimate of $790.76 million. Newmark Group had a net margin of 2.00% and a return on equity of 18.95%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 EPS.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

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

Newmark Group Trading Up 11.6 %

The business’s fifty day moving average is $13.55 and its 200-day moving average is $14.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $2.64 billion, a P/E ratio of 51.55 and a beta of 1.99.

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.