Newsmax (NYSE:NMAX) Stock Price Down 3.4% – Here’s What Happened

Newsmax Inc. (NYSE:NMAX) shares were down 3.4% on Tuesday . The company traded as low as $7.98 and last traded at $7.9250. Approximately 150,348 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,363,643 shares. The stock had previously closed at $8.20.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Newsmax in a report on Monday, December 22nd. Wall Street Zen upgraded shares of Newsmax from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Newsmax presently has an average rating of “Hold” and an average price target of $21.50.

Newsmax Stock Performance

The stock has a market capitalization of $1.02 billion and a price-to-earnings ratio of -6.80. The company has a fifty day simple moving average of $8.98 and a two-hundred day simple moving average of $11.74.

Newsmax (NYSE:NMAX) last released its earnings results on Thursday, November 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.09. The company had revenue of $45.27 million for the quarter. Newsmax had a negative return on equity of 255.61% and a negative net margin of 55.99%.Newsmax’s quarterly revenue was up 4.0% on a year-over-year basis.

Institutional Trading of Newsmax

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Soviero Asset Management LP bought a new position in Newsmax in the third quarter valued at approximately $2,914,000. Bank of America Corp DE boosted its holdings in shares of Newsmax by 910,880.0% in the 2nd quarter. Bank of America Corp DE now owns 136,647 shares of the company’s stock valued at $2,067,000 after purchasing an additional 136,632 shares in the last quarter. Denver PWM LLC bought a new position in shares of Newsmax in the 2nd quarter valued at $1,630,000. HRT Financial LP grew its position in Newsmax by 4,150.9% in the second quarter. HRT Financial LP now owns 103,934 shares of the company’s stock valued at $1,572,000 after acquiring an additional 101,489 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new position in Newsmax during the second quarter worth about $1,425,000.

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.