Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $24,210.55 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 2,191 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $11.05, for a total value of $24,210.55. Following the completion of the transaction, the insider directly owned 21,962,657 shares of the company’s stock, valued at approximately $242,687,359.85. This trade represents a 0.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Thursday, September 24th, Conyers Investments Llc sold 441 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total value of $4,859.82.
• On Wednesday, September 23rd, Conyers Investments Llc sold 350 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $3,860.50.
• On Tuesday, September 22nd, Conyers Investments Llc sold 22,000 shares of Newsmax stock. The shares were sold at an average price of $11.07, for a total value of $243,540.00.
• On Monday, September 21st, Conyers Investments Llc sold 14,251 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total value of $157,046.02.
• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The stock was sold at an average price of $11.15, for a total transaction of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The shares were sold at an average price of $11.55, for a total transaction 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 transaction 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 transaction of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were 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.

Newsmax Stock Down 8.4%

Shares of NMAX opened at $9.90 on Friday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -198.10 and a beta of 2.55. Newsmax Inc. has a 12 month low of $5.11 and a 12 month high of $13.18. The company has a 50-day moving average price of $10.02 and a two-hundred day moving average price of $8.28.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.05. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The company had revenue of $54.12 million for the quarter. Equities research analysts expect that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings 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 purchasing an additional 1,282 shares in the last quarter. Foundations Investment Advisors LLC boosted its stake in Newsmax by 15.1% in the fourth quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock worth $101,000 after purchasing an additional 1,711 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares during the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Newsmax by 6.9% during the first quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock worth $218,000 after purchasing an additional 2,697 shares during the last quarter. Finally, Allworth Financial LP increased its stake in shares of Newsmax by 55.4% in the second 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 in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. Wall Street Zen downgraded shares of Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.