Newmark Group (NASDAQ:NMRK) Price Target Raised to $19.00

Key Points

• Piper Sandler has raised its target price for Newmark Group from $16.00 to $19.00, indicating a potential upside of 24.37% from the stock's previous close.
• Multiple analysts have upgraded Newmark Group's rating, with six analysts now rating the stock as a "buy" or higher, contributing to an average target price of $16.83.
• Newmark Group reported earnings higher than expectations, with a quarterly EPS of $0.31 and revenues of $759.10 million, representing a year-over-year increase of 19.9%.

Newmark Group (NASDAQ:NMRK - Get Free Report) had its target price upped by investment analysts at Piper Sandler from $16.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's target price would indicate a potential upside of 18.74% from the stock's current price.

Several other research analysts have also recently issued reports on the stock. JMP Securities raised their target price on shares of Newmark Group from $17.00 to $19.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Citizens Jmp started coverage on shares of Newmark Group in a research note on Monday, July 21st. They issued a "strong-buy" rating and a $17.00 price target on the stock. Wolfe Research upgraded shares of Newmark Group from a "peer perform" rating to an "outperform" rating and set a $14.00 price target for the company in a report on Friday, May 23rd. Keefe, Bruyette & Woods boosted their target price on Newmark Group from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen raised shares of Newmark Group from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $16.83.

Newmark Group Stock Performance

Newmark Group stock traded up $0.12 during trading hours on Monday, hitting $16.00. 112,871 shares of the stock traded hands, compared to its average volume of 1,157,136. The firm's 50 day moving average price is $12.60 and its 200-day moving average price is $12.42. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 38.03 and a beta of 2.04. Newmark Group has a 1 year low of $9.65 and a 1 year high of $16.25.

Newmark Group (NASDAQ:NMRK - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.05. Newmark Group had a return on equity of 22.71% and a net margin of 2.51%. The firm had revenue of $759.10 million for the quarter, compared to analyst estimates of $695.24 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. Newmark Group's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities analysts expect that Newmark Group will post 1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Newmark Group

Large investors have recently modified their holdings of the business. Nuveen LLC purchased a new stake in shares of Newmark Group during the 1st quarter worth $21,497,000. Millennium Management LLC grew its position in Newmark Group by 89.7% during the first quarter. Millennium Management LLC now owns 3,635,561 shares of the company's stock worth $44,245,000 after buying an additional 1,719,375 shares during the period. Boston Partners increased its holdings in Newmark Group by 593.5% in the first quarter. Boston Partners now owns 1,339,730 shares of the company's stock valued at $16,299,000 after buying an additional 1,146,544 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Newmark Group by 851.7% during the 4th quarter. Wells Fargo & Company MN now owns 848,475 shares of the company's stock valued at $10,869,000 after acquiring an additional 759,324 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Newmark Group during the 4th quarter valued at approximately $5,277,000. 58.42% of the stock is owned by hedge funds and other institutional investors.

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.