Newsmax (NYSE:NMAX) Major Shareholder Conyers Investments Llc Sells 53,500 Shares of Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 53,500 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $11.03, for a total value of $590,105.00. Following the completion of the sale, the insider directly owned 22,696,089 shares in the company, valued at $250,337,861.67. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The shares were sold at an average price of $11.04, for a total value of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total value of $357,224.32.

Newsmax Stock Performance

Shares of NMAX stock opened at $10.98 on Thursday. Newsmax Inc. has a fifty-two week low of $5.11 and a fifty-two week high of $14.28. The firm has a market cap of $1.42 billion, a P/E ratio of -219.60 and a beta of 2.72. The business’s 50 day moving average price is $8.99 and its 200-day moving average price is $7.62.

Newsmax (NYSE:NMAX) last announced its earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The company had revenue of $54.12 million during the quarter. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%. As a group, equities analysts predict that Newsmax Inc. will post -0.02 EPS for the current year.

Hedge Funds Weigh In On Newsmax

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in shares of Newsmax by 14,773.7% during the 2nd quarter. California State Teachers Retirement System now owns 382,404 shares of the company’s stock valued at $3,166,000 after buying an additional 379,833 shares in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Newsmax in the 2nd quarter worth about $123,000. Bank of New York Mellon Corp purchased a new position in Newsmax during the 2nd quarter valued at about $814,000. NewEdge Advisors LLC lifted its position in 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 period. Finally, Entropy Technologies LP boosted its stake in Newsmax by 54.7% during the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after acquiring an additional 12,480 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Newsmax presently has a consensus rating of “Sell”.

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.