Navios Maritime Partners LP (NMM) Surges 6.3%: Is This an Indication of Further Gains?

Navios Maritime Partners LP (NMM) shares soared 6.3% in the last trading session to close at $27.99. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 25.4% gain over the past four weeks.

In fact, shares of Navios Maritime Partners have been performing brilliantly this year. Notably, shares have gained 149% year to date driven by the optimism surrounding container ships. The acquisition of Navios Maritime Containers, completed earlier this month, has also contributed to the upsurge.

Price and Consensus

This company is expected to post quarterly earnings of $1.18 per share in its upcoming report, which represents a year-over-year change of +437.1%. Revenues are expected to be $67.55 million, up 45.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Navios Maritime Partners LP, the consensus EPS estimate for the quarter has been revised 5.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. 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 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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