Newmark Group (NASDAQ:NMRK) Stock Price Expected to Rise, Piper Sandler Analyst Says

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 boosted by equities research analysts at Piper Sandler from $16.00 to $19.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 24.37% from the stock's previous close.

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

Newmark Group Price Performance

Shares of NASDAQ:NMRK traded up $0.16 during trading on Monday, hitting $15.28. 255,341 shares of the stock were exchanged, compared to its average volume of 1,145,632. The company has a fifty day moving average price of $12.20 and a two-hundred day moving average price of $12.33. The company has a market cap of $2.82 billion, a PE ratio of 36.36 and a beta of 2.04. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.50. Newmark Group has a 12-month low of $9.65 and a 12-month high of $16.10.

Newmark Group (NASDAQ:NMRK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.26 by $0.05. The business had revenue of $759.10 million for the quarter, compared to analyst estimates of $695.24 million. Newmark Group had a return on equity of 22.71% and a net margin of 2.51%. The company's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.22 EPS. On average, analysts forecast that Newmark Group will post 1.45 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Barclays PLC grew its position in shares of Newmark Group by 0.3% in the fourth quarter. Barclays PLC now owns 227,866 shares of the company's stock valued at $2,919,000 after purchasing an additional 767 shares during the period. Teacher Retirement System of Texas increased its stake in Newmark Group by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 21,743 shares of the company's stock valued at $264,000 after purchasing an additional 949 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Newmark Group by 8.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 12,515 shares of the company's stock valued at $152,000 after purchasing an additional 968 shares during the last quarter. MetLife Investment Management LLC increased its stake in Newmark Group by 1.3% in the fourth quarter. MetLife Investment Management LLC now owns 79,900 shares of the company's stock valued at $1,024,000 after purchasing an additional 1,035 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its stake in Newmark Group by 10.4% in the first quarter. OneDigital Investment Advisors LLC now owns 11,878 shares of the company's stock valued at $145,000 after purchasing an additional 1,121 shares during the last quarter. 58.42% of the stock is currently owned by institutional investors and hedge funds.

About Newmark Group

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.

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