Wall Street’s most bullish Navios Maritime Partners L.P. (NYSE:NMM) analysts are predicting the share price to blow past $2.5 per share during the next 12 months. The current median share price forecast by them is $1.6, suggesting that the stock could increase 66.67% in that time frame. The average price target of $1.82 calls for a nearly 89.58% increase in the stock price.
Navios Maritime Partners L.P. (NMM) trading activity significantly improved as the volume at ready counter increased to 8,427,398 shares versus 993,490 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 931,396 shares. The share price dropped -3.68% in recent trade and currently has a stock-market value of $169.86M. The shares finished at $0.96, after trading as low as $0.92 earlier in the session. It hit an intraday high Friday at $0.9951. The stock is now 23.08% above against its bear-market low of $0.78 on December 26, 2018. It has retreated -127.08% since it’s 52-week high of $2.18 reached in February. Now the market price is down -54.22% on the year and up 12.64% YTD.
NMM’s 50 day simple moving average (SMA 50) price is $1.09 and its 200-day simple moving average (SMA 200) price is $1.63. The company’s stock currently has a total float of 132.73M shares. Its weekly volatility is hovering around 6.26% and felt 6.68% volatility in price over a month. On the upside, the share price will test short term resistance at around $0.99. On a downside, the stock is likely to find some support, which begins at $0.92. The failure to get near-term support could push it to $0.88.
It had seen a positive analyst call from JP Morgan, which upgraded the stock from Neutral to Overweight on October 17. Analysts at JP Morgan, shed their positive views on January 17 by lowering it fromOverweight to Neutral. The stock lost favor of Morgan Stanley analysts who expressed their lack of confidence in it using a downgrade from Equal-Weight to Underweight on February 04. JP Morgan analysts came out with bullish views on January 26 when the call was made. They think the stock is now Overweight compared to to their prior call for Neutral.
Moreover, it trades for 1.93 times the next 12 months of expected earnings. Also, it is trading at rather inexpensive levels at just over 0.2x price/book and 0.73x price/sales. It’s also very liquid in the near term, with a current ratio of 1.2. The stock has a debt/capital of 0.65.
NMM last reported earnings on January 31, 2019 when it released Dec-18 results that receded expectations. The company raked in $0.03 per share, -99.76% change on the same period last year. That was worse than consensus for $0.03. Revenue for the recent quarter stood at $57.54 million, down -3% on last year and below the $57.97 million predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $46 million to $57.2 million, which should be compared with $0 generated last year. EPS is seen in a range of 0 to $0.01, against the $0.03 reported a year ago.