Newsmax (NYSE:NMAX) Upgraded to “Buy” at Freedom Capital

Freedom Capital upgraded shares of Newsmax (NYSE:NMAX) from a hold rating to a buy rating in a research report sent to investors on Friday morning,FinViz reports. They currently have $10.00 target price on the stock.

A number of other brokerages also recently commented on NMAX. Wall Street Zen downgraded Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. Finally, Freedom Broker upgraded Newsmax to a “hold” rating in a research report on Wednesday, October 14th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Newsmax has a consensus rating of “Hold” and an average price target of $10.00.

Newsmax Price Performance

Newsmax stock opened at $9.57 on Friday. The firm has a market cap of $1.24 billion, a P/E ratio of -191.48 and a beta of 2.71. The stock’s 50 day moving average is $9.45 and its 200 day moving average is $8.03. Newsmax has a one year low of $5.11 and a one year high of $12.11.

Newsmax (NYSE:NMAX) last released its earnings results on Thursday, November 12th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.14. Newsmax had a return on equity of 10.45% and a net margin of 5.70%. The business had revenue of $55.00 million during the quarter. Equities analysts anticipate that Newsmax will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Newsmax

In other Newsmax news, major shareholder Conyers Investments Llc sold 282,063 shares of Newsmax stock in a transaction on Monday, September 14th. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the sale, the insider owned 22,051,478 shares of the company’s stock, valued at approximately $254,694,570.90. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 494,886 shares of company stock valued at $5,611,995. Corporate insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

Several institutional investors and hedge funds have recently modified their holdings of NMAX. Ieq Capital LLC increased its stake in Newsmax by 3.1% in the 3rd quarter. Ieq Capital LLC now owns 184,906 shares of the company’s stock worth $1,999,000 after acquiring an additional 5,630 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Newsmax by 191.8% in the third quarter. Global Retirement Partners LLC now owns 3,166 shares of the company’s stock valued at $34,000 after purchasing an additional 2,081 shares during the period. Provenance Wealth Advisors LLC bought a new position in Newsmax during the 3rd quarter worth about $25,000. Integrated Wealth Concepts LLC purchased a new position in shares of Newsmax in the 2nd quarter valued at $67,000. Finally, NewEdge Advisors LLC raised its holdings in Newsmax by 49.7% in the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock worth $216,000 after purchasing an additional 8,659 shares in the last quarter.

Recent Newsmax Headlines

Investors following NMAX have been watching these headlines:

• Positive Sentiment: Newsmax reported record Q3 revenue of $69 million, up 52.5% year over year, and net income of $15.2 million, or $0.12 per diluted share—well above estimates that called for a loss. Strong interest in the midterm elections helped drive results, and audience growth also contributed to the upbeat report. Q3 earnings details Election interest and results
• Positive Sentiment: Freedom Capital upgraded NMAX from “hold” to “buy” and set a $10 price target, reflecting a more favorable view of the shares after the latest results. Freedom Capital rating
• Negative Sentiment: A third-party report says insiders recorded 13 open-market sales and no purchases over the past six months. This may weigh on sentiment, though insider transactions do not necessarily indicate the company’s outlook. Insider trading information

Newsmax Company Profile

Newsmax is a multimedia news company that produces and distributes news, opinion and lifestyle content. Its offerings include the Newsmax television network, digital news and video platforms, and print publications such as Newsmax magazine. Founded in 1998 by Christopher Ruddy, the company is based in Boca Raton, Florida. Ruddy serves as Newsmax’s chief executive officer. Newsmax reaches audiences in the United States and abroad through television distribution and its digital platforms, which provide news coverage, commentary and other programming.