Freedom Broker Upgrades Newsmax (NYSE:NMAX) to “Hold”

Newsmax (NYSE:NMAX) was upgraded by stock analysts at Freedom Broker to a “hold” rating in a research report issued on Wednesday, Zacks reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen upgraded Newsmax from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Newsmax Stock Up 0.3%

Shares of NYSE NMAX opened at $9.30 on Wednesday. The stock has a market capitalization of $1.20 billion, a PE ratio of -185.92 and a beta of 2.56. The firm has a fifty day moving average of $10.41 and a 200-day moving average of $8.51. Newsmax has a 52-week low of $5.11 and a 52-week high of $12.11.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate 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. Equities research analysts expect that Newsmax will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Newsmax

In related news, major shareholder Conyers Investments Llc sold 282,063 shares of Newsmax stock in a transaction on Monday, September 14th. The shares were sold at an average price of $11.55, for a total transaction of $3,257,827.65. Following the transaction, the insider owned 22,051,478 shares in the company, valued at approximately $254,694,570.90. The trade was a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 494,886 shares of company stock worth $5,611,995. Insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

Several large investors have recently added to or reduced their stakes in NMAX. Integrated Wealth Concepts LLC acquired a new position in shares of Newsmax during the second quarter worth about $67,000. Arizona State Retirement System purchased a new stake in shares of Newsmax in the second quarter worth about $98,000. Allworth Financial LP grew its stake in shares of Newsmax by 55.4% in the second quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock valued at $99,000 after buying an additional 4,270 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of Newsmax in the first quarter valued at about $65,000. Finally, Allegheny Financial Group purchased a new stake in shares of Newsmax during the 1st quarter valued at about $69,000.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.