Newsmax (NYSE:NMAX) Shares Up 8.3% – What’s Next?

Newsmax Inc. (NYSE:NMAX) shares were up 8.3% during mid-day trading on Friday . The company traded as high as $7.18 and last traded at $7.2210. Approximately 597,540 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 1,419,653 shares. The stock had previously closed at $6.67.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Newsmax in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.50.

Newsmax Stock Up 8.4%

The firm has a market capitalization of $933.83 million, a price-to-earnings ratio of -10.92 and a beta of 2.93. The business has a 50-day moving average of $7.44 and a two-hundred day moving average of $7.21.

Newsmax (NYSE:NMAX) last posted its quarterly earnings results on Thursday, March 26th. The company reported $0.04 EPS for the quarter. The firm had revenue of $52.24 million during the quarter. Newsmax had a negative return on equity of 81.14% and a negative net margin of 43.17%. Equities analysts predict that Newsmax Inc. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Newsmax

A number of hedge funds have recently modified their holdings of NMAX. Greenwich Wealth Management LLC bought a new position in shares of Newsmax during the fourth quarter valued at $176,208,000. State Street Corp lifted its holdings in Newsmax by 520.9% during the 4th quarter. State Street Corp now owns 628,315 shares of the company’s stock valued at $4,857,000 after purchasing an additional 527,126 shares during the last quarter. Geode Capital Management LLC boosted its position in Newsmax by 329.1% in the fourth quarter. Geode Capital Management LLC now owns 574,465 shares of the company’s stock valued at $4,441,000 after buying an additional 440,577 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Newsmax by 1,033.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 458,679 shares of the company’s stock worth $3,546,000 after buying an additional 418,199 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of Newsmax by 4,495.3% during the fourth 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 in the last quarter.

Newsmax Company Profile

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.