Newsmax (NYSE:NMAX) Stock Picked Up by Analysts at Noble Financial

Noble Financial started coverage on shares of Newsmax (NYSE:NMAX) in a note issued to investors on Friday, Zacks reports. The brokerage set a “strong-buy” rating on the stock.

Other equities research analysts have also issued reports about the company. Wall Street Zen lowered Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Freedom Broker raised shares of Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Friday. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. Finally, Freedom Capital upgraded shares of Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Newsmax Trading Up 31.3%

Shares of NMAX traded up $2.28 on Friday, reaching $9.57. 5,071,443 shares of the company’s stock traded hands, compared to its average volume of 721,365. The stock’s 50 day simple moving average is $9.45 and its two-hundred day simple moving average is $8.03. The stock has a market cap of $1.24 billion, a PE ratio of -191.48 and a beta of 2.71. Newsmax has a 52-week low of $5.11 and a 52-week high of $12.11.

Newsmax (NYSE:NMAX) last posted its quarterly earnings data on Thursday, November 12th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.14. The business had revenue of $55.00 million for the quarter. Newsmax had a return on equity of 10.45% and a net margin of 5.70%. Analysts forecast that Newsmax will post -0.02 earnings per share for the current year.

Insider Activity at Newsmax

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total value of $243,540.00. Following the transaction, the insider owned 21,965,639 shares in the company, valued at approximately $243,159,623.73. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 494,886 shares of company stock valued at $5,611,995. Insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

A number of large investors have recently bought and sold shares of NMAX. Bank of New York Mellon Corp bought a new position in shares of Newsmax during the 2nd quarter worth $814,000. Ieq Capital LLC increased its holdings in Newsmax by 3.1% in the 3rd quarter. Ieq Capital LLC now owns 184,906 shares of the company’s stock worth $1,999,000 after acquiring an additional 5,630 shares during the last quarter. Provenance Wealth Advisors LLC purchased a new stake in Newsmax in the 3rd quarter worth about $25,000. Integrated Wealth Concepts LLC bought a new stake in Newsmax in the 2nd quarter valued at about $67,000. Finally, NewEdge Advisors LLC raised its stake in Newsmax by 49.7% in the 2nd quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock valued at $216,000 after acquiring an additional 8,659 shares during the period.

Key Headlines Impacting Newsmax

These are some of the NMAX headlines that stood out recently:

• Positive Sentiment: Newsmax reported record Q3 revenue of $69 million, up 52.5% year over year, and net income of $15.2 million, or $0.12 per diluted share—well above estimates that called for a loss. Strong interest in the midterm elections helped drive results, and audience growth also contributed to the upbeat report. Q3 earnings details Election interest and results
• Neutral Sentiment: Newsmax announced board changes effective November 9; a separate report says Nancy G. Brinker gave notice of resignation. The available reports provide limited detail on the changes’ potential business impact. Board changes
• Negative Sentiment: A third-party report says insiders recorded 13 open-market sales and no purchases over the past six months. This may weigh on sentiment, though insider transactions do not necessarily indicate the company’s outlook. Insider trading information

Newsmax Company Profile

Newsmax is a multimedia news company that produces and distributes news, opinion and lifestyle content. Its offerings include the Newsmax television network, digital news and video platforms, and print publications such as Newsmax magazine. Founded in 1998 by Christopher Ruddy, the company is based in Boca Raton, Florida. Ruddy serves as Newsmax’s chief executive officer. Newsmax reaches audiences in the United States and abroad through television distribution and its digital platforms, which provide news coverage, commentary and other programming.