Newsmax (NYSE:NMAX) Shares Down 9.7% – Here’s What Happened

Newsmax Inc. (NYSE:NMAX)’s stock price fell 9.7% during mid-day trading on Wednesday . The company traded as low as $8.12 and last traded at $8.18. 271,413 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,412,449 shares. The stock had previously closed at $9.06.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated 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 given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.50.

Newsmax Stock Performance

The firm’s 50-day moving average is $6.63 and its two-hundred day moving average is $7.20. The stock has a market cap of $1.08 billion, a P/E ratio of -12.65 and a beta of 2.93.

Newsmax (NYSE:NMAX) last posted 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 43.17% and a negative return on equity of 81.14%. The firm had revenue of $52.24 million during the quarter. As a group, research analysts forecast that Newsmax Inc. will post -0.16 EPS for the current year.

Institutional Trading of Newsmax

Several institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC raised its position in shares of Newsmax by 7.9% during the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock valued at $91,000 after acquiring an additional 1,282 shares during the last quarter. Foundations Investment Advisors LLC raised its position in shares of Newsmax by 15.1% during the 4th quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock valued at $101,000 after acquiring an additional 1,711 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Newsmax by 5.1% during the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after acquiring an additional 1,725 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Newsmax during the 3rd quarter valued at $26,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Newsmax during the 2nd quarter valued at $32,000.

About Newsmax

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.