Newsmax (NYSE:NMAX) Major Shareholder Sells $357,224.32 in Stock

Newsmax Inc. (NYSE:NMAX) 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 completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Newsmax Stock Up 2.6%

Shares of NYSE NMAX opened at $10.75 on Friday. Newsmax Inc. has a fifty-two week low of $5.11 and a fifty-two week high of $15.24. The business has a 50 day moving average price of $8.77 and a two-hundred day moving average price of $7.51. The firm has a market cap of $1.39 billion, a PE ratio of -215.00 and a beta of 2.55.

Newsmax (NYSE:NMAX) last released its earnings results on Thursday, August 13th. The company reported $0.02 EPS 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 during the quarter. On average, analysts anticipate that Newsmax Inc. will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. UBS Group AG increased its holdings in shares of Newsmax by 4,495.3% in the 4th quarter. UBS Group AG now owns 421,342 shares of the company’s stock valued at $3,257,000 after acquiring an additional 412,173 shares during the last quarter. Greenwich Wealth Management LLC acquired a new position in Newsmax in the fourth quarter worth $176,208,000. AXQ Capital LP boosted its holdings in Newsmax by 78.8% in the fourth quarter. AXQ Capital LP now owns 20,682 shares of the company’s stock worth $160,000 after purchasing an additional 9,117 shares during the period. Foundations Investment Advisors LLC increased its stake in Newsmax by 15.1% during the fourth quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock valued at $101,000 after purchasing an additional 1,711 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Newsmax during the fourth quarter valued at $79,000.

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.