Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells 32,416 Shares of Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 32,416 shares of Newsmax stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $11.02, for a total transaction of $357,224.32. Following the sale, the insider directly owned 22,762,939 shares of the company’s stock, valued at $250,847,587.78. This represents a 0.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Newsmax Trading Down 4.5%

Shares of NYSE NMAX traded down $0.49 during trading hours on Wednesday, reaching $10.42. The stock had a trading volume of 408,401 shares, compared to its average volume of 1,333,847. Newsmax Inc. has a 52-week low of $5.11 and a 52-week high of $15.81. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -208.60 and a beta of 2.55. The business’s fifty day moving average price is $8.60 and its two-hundred day moving average price is $7.42.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.05. The company 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%. Equities research analysts anticipate that Newsmax Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Newsmax

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC purchased a new stake in Newsmax during the second quarter valued at approximately $1,425,000. Cetera Investment Advisers purchased a new position in Newsmax in the second quarter worth $249,000. JPMorgan Chase & Co. purchased a new position in Newsmax in the second quarter worth $338,000. New York State Common Retirement Fund acquired a new position in shares of Newsmax during the second quarter worth $117,000. Finally, Jump Financial LLC purchased a new position in Newsmax during the 2nd quarter worth $334,000.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

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.