Newsmax (NYSE:NMAX) Trading Down 3.8% – Should You Sell?

Newsmax (NYSE:NMAX) traded down 3.8% on Tuesday . The company traded as low as $22.35 and last traded at $22.23. 524,175 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 2,889,837 shares. The stock had previously closed at $23.11.

Newsmax Trading Down 5.6%

The company’s 50-day moving average price is $33.80.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, May 15th. The company reported ($0.53) earnings per share for the quarter. The company had revenue of $45.30 million for the quarter.

Institutional Investors Weigh In On Newsmax

Institutional investors and hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC acquired a new stake in Newsmax during the 1st quarter worth about $551,000. Sassicaia Capital Advisers LLC purchased a new position in shares of Newsmax in the first quarter worth approximately $309,000. Woodard & Co. Asset Management Group Inc. ADV purchased a new position in shares of Newsmax in the first quarter worth approximately $217,000. Allworth Financial LP acquired a new stake in shares of Newsmax during the first quarter valued at approximately $89,000. Finally, CWM LLC purchased a new stake in shares of Newsmax in the 1st quarter valued at approximately $47,000.

About Newsmax

Newsmax Inc is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc (“Newsmax Media”). Newsmax Media and its subsidiaries operate the businesses described in this Offering Circular. Newsmax Media has six wholly-owned subsidiaries: Newsmax Broadcasting, LLC, a Florida limited liability company (“Newsmax Broadcasting”), Crown Atlantic Insurance, LLC, a Florida limited liability company (“Crown Atlantic”), Humanix Publishing, LLC, a Florida limited liability company (“Humanix Publishing”), Medix Health LLC, a Florida limited liability company (“Medix Health”), ROI Media Strategies, LLC, a Florida limited liability company (“ROI Media Strategies”), and Newsmax Radio LLC, a Florida limited liability company (“Newsmax Radio,” and together with Newsmax Media, Newsmax Broadcasting, Crown Atlantic Insurance, Humanix Publishing, Medix Health, and ROI Media Strategies, the “Subsidiaries”).