Newsmax (NYSE:NMAX) Stock Gets Downgrade from Wall Street Zen

Newsmax (NYSE:NMAX) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. Freedom Broker raised Newsmax to a “hold” rating in a report on Wednesday, October 14th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce”.

Newsmax Trading Down 0.3%

Shares of NYSE NMAX opened at $8.72 on Friday. Newsmax has a 12-month low of $5.11 and a 12-month high of $12.11. The stock has a market cap of $1.13 billion, a PE ratio of -174.34 and a beta of 2.56. The company has a 50-day moving average of $10.41 and a 200 day moving average of $8.53.

Newsmax (NYSE:NMAX) last released its quarterly earnings data 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 company had revenue of $54.12 million during the quarter. On average, sell-side analysts forecast that Newsmax will post -0.02 EPS for the current fiscal year.

Insider Activity at Newsmax

In other 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 transaction of $3,257,827.65. Following the transaction, the insider owned 22,051,478 shares in the company, valued at $254,694,570.90. The trade was a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders sold 494,886 shares of company stock worth $5,611,995. 61.03% of the stock is owned by insiders.

Institutional Investors Weigh In On Newsmax

A number of hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in Newsmax during the second quarter worth about $814,000. Caitong International Asset Management Co. Ltd purchased a new position in Newsmax during the fourth quarter worth about $230,000. Aristides Capital LLC acquired a new position in Newsmax in the 4th quarter valued at about $162,000. Abel Hall LLC acquired a new position in Newsmax in the 1st quarter valued at about $100,000. Finally, Great Lakes Advisors LLC acquired a new position in Newsmax in the 2nd quarter valued at about $123,000.

About Newsmax

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.