Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $269,661.44 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 24,448 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $11.03, for a total transaction of $269,661.44. Following the sale, the insider directly owned 22,622,041 shares of the company’s stock, valued at approximately $249,521,112.23. This trade represents a 0.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The shares were sold at an average price of $11.15, for a total transaction of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total transaction of $3,257,827.65.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total transaction of $3,369.60.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total transaction of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The stock was sold at an average price of $11.04, for a total transaction of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total value of $357,224.32.

Newsmax Price Performance

Shares of Newsmax stock opened at $10.39 on Thursday. The business has a 50-day simple moving average of $9.48 and a 200 day simple moving average of $7.99. Newsmax Inc. has a one year low of $5.11 and a one year high of $13.60. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -207.84 and a beta of 2.72.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on NMAX. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. Wall Street Zen raised 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, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Greenwich Wealth Management LLC bought a new stake in Newsmax in the 4th quarter worth about $176,208,000. UBS Group AG boosted its stake in shares of Newsmax by 4,495.3% in the 4th quarter. UBS Group AG now owns 421,342 shares of the company’s stock worth $3,257,000 after buying an additional 412,173 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Newsmax by 5.0% in the first quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock valued at $578,000 after acquiring an additional 5,283 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Newsmax by 6.9% in the first quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock valued at $218,000 after acquiring an additional 2,697 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after acquiring an additional 1,725 shares during the last quarter.

About Newsmax

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.