Short Interest in Newsmax Inc. (NYSE:NMAX) Grows By 30.5%

Newsmax Inc. (NYSE:NMAX) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 7,449,756 shares, an increase of 30.5% from the March 15th total of 5,709,250 shares. Based on an average daily trading volume, of 1,084,609 shares, the days-to-cover ratio is currently 6.9 days. Currently, 14.8% of the company’s shares are short sold.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NMAX. Allegheny Financial Group purchased a new position in Newsmax in the first quarter valued at about $69,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Newsmax during the fourth quarter worth about $230,000. Aristides Capital LLC purchased a new stake in shares of Newsmax during the fourth quarter worth about $162,000. Virtu Financial LLC purchased a new stake in shares of Newsmax during the fourth quarter worth about $378,000. Finally, Invesco Ltd. purchased a new stake in shares of Newsmax during the fourth quarter worth about $105,000.

Newsmax Price Performance

Shares of NYSE:NMAX traded up $0.08 during trading on Friday, hitting $6.93. The company’s stock had a trading volume of 570,787 shares, compared to its average volume of 928,378. The company has a 50-day moving average of $6.24 and a 200-day moving average of $8.02. Newsmax has a 12 month low of $5.11 and a 12 month high of $27.49. The firm has a market cap of $894.29 million and a price-to-earnings ratio of -5.97.

Newsmax (NYSE:NMAX) last issued its quarterly earnings data on Thursday, March 26th. The company reported $0.04 earnings per share for the quarter. Newsmax had a negative net margin of 52.57% and a negative return on equity of 82.25%. The firm had revenue of $52.24 million for the 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.