Newsmax (NYSE:NMAX) Trading 4.3% Higher – Here’s What Happened

Shares of Newsmax Inc. (NYSE:NMAX) were up 4.3% on Friday . The stock traded as high as $10.94 and last traded at $10.93. 173,581 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,325,465 shares. The stock had previously closed at $10.48.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Newsmax Stock Performance

The business’s fifty day moving average price is $8.71 and its two-hundred day moving average price is $7.49. The stock has a market capitalization of $1.40 billion, a P/E ratio of -216.20 and a beta of 2.55.

Newsmax (NYSE:NMAX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. Newsmax had a negative net margin of 3.15% and a negative return on equity of 8.28%. The firm had revenue of $54.12 million during the quarter. As a group, analysts forecast that Newsmax Inc. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Conyers Investments Llc sold 32,416 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $11.02, for a total value of $357,224.32. Following the sale, the insider directly owned 22,762,939 shares of the company’s stock, valued at $250,847,587.78. This represents a 0.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

Several institutional investors and hedge funds have recently made changes to their positions in NMAX. Geode Capital Management LLC bought a new stake in Newsmax during the 2nd quarter valued at about $1,425,000. Cetera Investment Advisers bought a new position in shares of Newsmax during the 2nd quarter worth approximately $249,000. JPMorgan Chase & Co. purchased a new stake in shares of Newsmax during the 2nd quarter valued at $338,000. New York State Common Retirement Fund acquired a new stake in Newsmax in the second quarter worth about $117,000. Finally, Jump Financial LLC purchased a new position in shares of Newsmax in the 2nd quarter valued at approximately $334,000.

About Newsmax

Newsmax (NYSE:NMAX) is a diversified media company that produces and distributes conservative-oriented news, opinion and informational content. The company operates across multiple platforms, including a cable news channel, a digital streaming service, a website, a print magazine and various mobile applications. Newsmax focuses on delivering political coverage, financial analysis and cultural commentary to its audience.

Originally launched as a news website in 1998, Newsmax expanded into print with the debut of Newsmax magazine in 2003 and later launched its flagship cable network, Newsmax TV, in 2014.