Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $552,906.20 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 49,588 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $11.15, for a total value of $552,906.20. Following the transaction, the insider directly owned 22,001,890 shares of the company’s stock, valued at $245,321,073.50. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total value of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $269,661.44.
• 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 transaction 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 stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Price Performance

Shares of NMAX stock opened at $10.30 on Friday. The company has a fifty day moving average price of $9.56 and a two-hundred day moving average price of $8.04. Newsmax Inc. has a one year low of $5.11 and a one year high of $13.60. The stock has a market cap of $1.33 billion, a P/E ratio of -206.00 and a beta of 2.72.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. The company 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%. As a group, equities research analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports 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 lowered Newsmax from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Institutional Trading of Newsmax

Hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in Newsmax in the 2nd quarter valued at about $67,000. NewEdge Advisors LLC boosted its holdings in shares of Newsmax by 49.7% during the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock worth $216,000 after acquiring an additional 8,659 shares during the period. Allworth Financial LP boosted its holdings in shares of Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock worth $99,000 after acquiring an additional 4,270 shares during the period. Arizona State Retirement System acquired a new position in shares of Newsmax in the second quarter valued at approximately $98,000. Finally, Great Lakes Advisors LLC acquired a new position in shares of Newsmax in the second quarter valued at approximately $123,000.

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.