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Navios Maritime Partners LP (NMM) Soars 7.9%: Is Further Upside Left in the Stock?
Navios Maritime Partners LP (NMM - Free Report) shares ended the last trading session 7.9% higher at $29.09. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 56.2% gain over the past four weeks.
In fact, shares of Navios Maritime Partners have been performing brilliantly this year. Notably, shares have gained 160% year to date driven by the optimism surrounding container ships.
Price and Consensus
This company is expected to post quarterly earnings of $0.75 per share in its upcoming report, which represents a year-over-year change of -32.4%. Revenues are expected to be $72.5 million, up 18.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Navios Maritime Partners LP, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NMM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>