Newmark Group Inc (NASDAQ:NMRK) Sees Large Growth in Short Interest

Newmark Group Inc (NASDAQ:NMRK) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 4,086,231 shares, a growth of 120.6% from the February 28th total of 1,852,739 shares. Based on an average daily volume of 1,655,227 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.7% of the company’s stock are sold short.

A number of large investors have recently bought and sold shares of the stock. Neuberger Berman Group LLC grew its stake in Newmark Group by 0.4% in the third quarter. Neuberger Berman Group LLC now owns 921,727 shares of the company’s stock worth $10,314,000 after purchasing an additional 3,525 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Newmark Group by 99.9% in the third quarter. Point72 Asset Management L.P. now owns 624,814 shares of the company’s stock worth $6,992,000 after purchasing an additional 312,214 shares in the last quarter. Citadel Advisors LLC grew its stake in Newmark Group by 112.0% in the third quarter. Citadel Advisors LLC now owns 256,525 shares of the company’s stock worth $2,871,000 after purchasing an additional 135,542 shares in the last quarter. United Services Automobile Association grew its stake in Newmark Group by 5.8% in the third quarter. United Services Automobile Association now owns 158,722 shares of the company’s stock worth $1,776,000 after purchasing an additional 8,702 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Newmark Group in the third quarter worth about $1,602,000. Institutional investors and hedge funds own 56.90% of the company’s stock.

NMRK has been the topic of a number of analyst reports. Zacks Investment Research raised Newmark Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 1st. Wedbush dropped their target price on Newmark Group from $20.00 to $16.00 and set an “outperform” rating on the stock in a research report on Thursday, February 28th. Finally, ValuEngine lowered Newmark Group from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $14.50.

Shares of NASDAQ NMRK traded down $0.02 during midday trading on Friday, reaching $8.38. 1,413,869 shares of the company’s stock were exchanged, compared to its average volume of 889,607. Newmark Group has a 52-week low of $7.34 and a 52-week high of $15.86. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 5.51, a PEG ratio of 0.52 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.43 and a current ratio of 0.43.

Newmark Group (NASDAQ:NMRK) last announced its earnings results on Tuesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. The business had revenue of $631.70 million for the quarter, compared to analyst estimates of $591.66 million. Newmark Group had a return on equity of 47.34% and a net margin of 5.06%. The firm’s revenue was up 37.1% on a year-over-year basis. As a group, research analysts predict that Newmark Group will post 1.63 EPS for the current year.

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About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States and internationally. Its investor/owner services and products include capital markets, such as investment sales; and agency leasing, property management, valuation and advisory, and diligence and underwriting, as well as government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales under the Newmark Knight Frank name.

See Also: Balance Sheet

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