Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $147,384.00 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 13,350 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $11.04, for a total transaction of $147,384.00. Following the transaction, the insider owned 22,749,589 shares in the company, valued at approximately $251,155,462.56. This trade represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Stock Performance

NYSE:NMAX traded up $0.12 on Monday, hitting $10.83. The stock had a trading volume of 913,644 shares, compared to its average volume of 1,328,705. Newsmax Inc. has a 1 year low of $5.11 and a 1 year high of $15.24. The firm’s fifty day simple moving average is $8.77 and its two-hundred day simple moving average is $7.52. The stock has a market cap of $1.40 billion, a P/E ratio of -216.60 and a beta of 2.55.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Greenwich Wealth Management LLC purchased a new stake in shares of Newsmax during the 4th quarter worth approximately $176,208,000. State Street Corp increased its position in Newsmax by 520.9% in the fourth quarter. State Street Corp now owns 628,315 shares of the company’s stock worth $4,857,000 after buying an additional 527,126 shares during the last quarter. Geode Capital Management LLC increased its position in Newsmax by 329.1% in the fourth quarter. Geode Capital Management LLC now owns 574,465 shares of the company’s stock worth $4,441,000 after buying an additional 440,577 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Newsmax by 1,033.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 458,679 shares of the company’s stock valued at $3,546,000 after buying an additional 418,199 shares during the period. Finally, UBS Group AG raised its stake in shares of Newsmax by 4,495.3% in the fourth quarter. UBS Group AG now owns 421,342 shares of the company’s stock valued at $3,257,000 after buying an additional 412,173 shares during the period.

Analyst Upgrades and Downgrades

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

Newsmax Company Profile

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.