Newsmax (NYSE:NMAX) Shares Down 5.6% – Here’s Why

Newsmax Inc. (NYSE:NMAX) shares dropped 5.6% on Monday. The stock traded as low as $8.18 and last traded at $8.2510. Approximately 261,109 shares were traded during trading, a decline of 80% from the average daily volume of 1,277,047 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen downgraded Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday. Freedom Broker raised Newsmax to a “hold” rating in a report on Wednesday, October 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce”.

Newsmax Stock Performance

The company has a 50 day simple moving average of $10.39 and a 200 day simple moving average of $8.58. The company has a market capitalization of $1.08 billion, a PE ratio of -167.88 and a beta of 2.56.

Newsmax (NYSE:NMAX) last announced its 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 company had revenue of $54.12 million for the quarter. Newsmax had a negative net margin of 3.15% and a negative return on equity of 8.28%. As a group, equities research analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling at Newsmax

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of Newsmax stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total value of $243,540.00. Following the completion of the sale, the insider owned 21,965,639 shares in the company, valued at approximately $243,159,623.73. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 494,886 shares of company stock worth $5,611,995 in the last ninety days. 61.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newsmax

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in Newsmax by 5.0% during 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 last quarter. Kestra Advisory Services LLC increased its stake in 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 purchasing an additional 2,697 shares during the period. Cetera Investment Advisers raised its holdings in shares of Newsmax by 5.1% in the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after buying an additional 1,725 shares during the last quarter. Entropy Technologies LP raised its holdings in shares of Newsmax by 54.7% in the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock valued at $184,000 after buying an additional 12,480 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Newsmax by 49.7% in the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock valued at $216,000 after buying an additional 8,659 shares during the last quarter.

About Newsmax

Newsmax, Inc is a multimedia company that operates a news and information platform serving audiences primarily in the United States. Its business combines television, digital media and publishing, with programming and content focused on news, politics, business, finance, health and lifestyle topics.

The company’s principal products and services include Newsmax TV, its national television network; Newsmax.com, its digital news and information website; and Newsmax Magazine. It distributes content through television, websites, mobile and digital platforms, and other media channels, offering both live and on-demand programming as well as written articles and video content.

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