Newsmax (NYSE:NMAX) Trading Up 7.2% – What’s Next?

Newsmax Inc. (NYSE:NMAX)’s share price traded up 7.2% on Friday . The company traded as high as $11.61 and last traded at $11.7720. Approximately 352,232 shares traded hands during trading, a decline of 73% from the average daily volume of 1,308,153 shares. The stock had previously closed at $10.98.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NMAX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Newsmax from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Newsmax Trading Up 8.0%

The stock has a 50 day simple moving average of $9.31 and a 200-day simple moving average of $7.84. The firm has a market capitalization of $1.53 billion, a P/E ratio of -236.90 and a beta of 2.72.

Newsmax (NYSE:NMAX) last released its earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The business had revenue of $54.12 million for the quarter. As a group, sell-side analysts expect that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Newsmax

In related news, major shareholder Conyers Investments Llc sold 53,500 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $11.03, for a total transaction of $590,105.00. Following the completion of the sale, the insider directly owned 22,696,089 shares of the company’s stock, valued at $250,337,861.67. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 99,266 shares of company stock worth $1,094,713 in the last 90 days. 61.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newsmax

A number of institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in Newsmax by 7.9% in the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after purchasing an additional 1,282 shares during the last quarter. Foundations Investment Advisors LLC grew its position in shares of Newsmax by 15.1% in the 4th quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock valued at $101,000 after purchasing an additional 1,711 shares during the period. Cetera Investment Advisers increased its stake in shares of Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares during the period. Advisory Services Network LLC acquired a new position in Newsmax in the 3rd quarter valued at $26,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Newsmax in the second quarter worth about $32,000.

About Newsmax

Newsmax (NYSE:NMAX) is a diversified media company that produces and distributes conservative-oriented news, opinion and informational content. The company operates across multiple platforms, including a cable news channel, a digital streaming service, a website, a print magazine and various mobile applications. Newsmax focuses on delivering political coverage, financial analysis and cultural commentary to its audience.

Originally launched as a news website in 1998, Newsmax expanded into print with the debut of Newsmax magazine in 2003 and later launched its flagship cable network, Newsmax TV, in 2014.