Conyers Investments Llc Sells 24,448 Shares of Newsmax (NYSE:NMAX) Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 24,448 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $11.03, for a total value of $269,661.44. Following the completion of the sale, the insider directly owned 22,622,041 shares in the company, valued at approximately $249,521,112.23. This represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The shares were sold at an average price of $11.70, for a total value of $3,369.60.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The stock was sold at an average price of $11.03, for a total value of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The stock was sold at an average price of $11.04, for a total transaction of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Stock Performance

NYSE:NMAX opened at $10.77 on Wednesday. The firm has a market cap of $1.39 billion, a P/E ratio of -215.30 and a beta of 2.72. Newsmax Inc. has a fifty-two week low of $5.11 and a fifty-two week high of $13.60. The firm has a 50-day simple moving average of $9.45 and a two-hundred day simple moving average of $7.96.

Newsmax (NYSE:NMAX) last issued 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 firm 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%. On average, equities research analysts predict that Newsmax Inc. will post -0.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in Newsmax in the 2nd quarter worth approximately $67,000. NewEdge Advisors LLC raised its stake in Newsmax by 49.7% during the 2nd 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. Allworth Financial LP lifted its holdings in shares of Newsmax by 55.4% during the 2nd quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock valued at $99,000 after buying an additional 4,270 shares during the period. Arizona State Retirement System bought a new position in shares of Newsmax during the 2nd quarter valued at $98,000. Finally, Great Lakes Advisors LLC purchased a new position in shares of Newsmax in the 2nd quarter worth $123,000.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NMAX shares. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. Wall Street Zen raised Newsmax from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Newsmax Company Profile

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.