Newsmax (NYSE:NMAX) Stock Rating Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Newsmax (NYSE:NMAX) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. Freedom Broker upgraded Newsmax to a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce”.

Newsmax Trading Down 6.4%

NMAX stock opened at $8.72 on Friday. The business’s 50-day moving average price is $10.41 and its two-hundred day moving average price is $8.51. The firm has a market cap of $1.13 billion, a PE ratio of -174.34 and a beta of 2.56. Newsmax has a 1-year low of $5.11 and a 1-year high of $12.11.

Newsmax (NYSE:NMAX) last posted its earnings results on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $54.12 million during the quarter. On average, analysts forecast that Newsmax will post -0.02 earnings per share for the current year.

Insider Activity

In other news, major shareholder Conyers Investments Llc sold 22,000 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total transaction of $243,540.00. Following the completion of the sale, the insider owned 21,965,639 shares of the company’s stock, valued at $243,159,623.73. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 494,886 shares of company stock worth $5,611,995 over the last ninety days. 61.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newsmax

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in Newsmax by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock worth $578,000 after purchasing an additional 5,283 shares during the period. Kestra Advisory Services LLC increased its holdings in Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock worth $218,000 after purchasing an additional 2,697 shares in the last quarter. Cetera Investment Advisers increased its holdings in Newsmax by 5.1% during the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares in the last quarter. Entropy Technologies LP raised its stake in shares of Newsmax by 54.7% in the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock valued at $184,000 after purchasing an additional 12,480 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Newsmax in the 4th quarter valued at about $230,000.

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.