Greenwich Wealth Management LLC Makes New $176.21 Million Investment in Newsmax Inc. $NMAX

Greenwich Wealth Management LLC purchased a new stake in shares of Newsmax Inc. (NYSE:NMAX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,795,352 shares of the company’s stock, valued at approximately $176,208,000. Newsmax comprises about 7.9% of Greenwich Wealth Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Greenwich Wealth Management LLC owned about 17.65% of Newsmax at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NMAX. Geode Capital Management LLC grew its stake in shares of Newsmax by 329.1% during the fourth quarter. Geode Capital Management LLC now owns 574,465 shares of the company’s stock valued at $4,441,000 after purchasing an additional 440,577 shares during the last quarter. UBS Group AG grew its stake in shares of Newsmax by 4,495.3% during the fourth quarter. UBS Group AG now owns 421,342 shares of the company’s stock valued at $3,257,000 after purchasing an additional 412,173 shares during the last quarter. Soviero Asset Management LP bought a new stake in shares of Newsmax during the third quarter valued at approximately $2,914,000. Bank of America Corp DE grew its stake in shares of Newsmax by 910,880.0% during the second quarter. Bank of America Corp DE now owns 136,647 shares of the company’s stock valued at $2,067,000 after purchasing an additional 136,632 shares during the last quarter. Finally, HRT Financial LP grew its stake in shares of Newsmax by 4,150.9% during the second quarter. HRT Financial LP now owns 103,934 shares of the company’s stock valued at $1,572,000 after purchasing an additional 101,489 shares during the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Newsmax in a research note on Friday, March 27th. Two research 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $21.50.

Newsmax Stock Performance

Shares of NMAX stock opened at $9.07 on Wednesday. Newsmax Inc. has a 52-week low of $5.11 and a 52-week high of $19.20. The stock has a market cap of $1.17 billion, a PE ratio of -13.74 and a beta of 2.93. The firm’s 50 day moving average price is $6.63 and its two-hundred day moving average price is $7.20.

Newsmax (NYSE:NMAX) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.04 earnings per share (EPS) for the quarter. Newsmax had a negative net margin of 43.17% and a negative return on equity of 81.14%. The firm had revenue of $52.24 million for the quarter. As a group, sell-side analysts predict that Newsmax Inc. will post -0.16 earnings per share for the current fiscal year.

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.