Newsmax (NYSE:NMAX) Trading Down 7.3% – Here’s What Happened

Newsmax Inc. (NYSE:NMAX) shares dropped 7.3% on Monday . The stock traded as low as $7.22 and last traded at $7.2110. 160,560 shares changed hands during trading, a decline of 89% from the average session volume of 1,416,482 shares. The stock had previously closed at $7.78.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Newsmax in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Newsmax currently has an average rating of “Hold” and a consensus target price of $21.50.

Newsmax Stock Down 8.5%

The company has a market cap of $919.11 million, a P/E ratio of -10.75 and a beta of 2.93. The firm’s 50-day moving average price is $7.37 and its 200-day moving average price is $7.24.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, March 26th. The company reported $0.04 EPS for the quarter. Newsmax had a negative net margin of 43.17% and a negative return on equity of 81.14%. The company had revenue of $52.24 million during the quarter. As a group, analysts forecast that Newsmax Inc. will post -0.16 earnings per share for the current year.

Hedge Funds Weigh In On Newsmax

Large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its position in shares of Newsmax by 7.9% in the first quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock valued at $91,000 after purchasing an additional 1,282 shares in the last quarter. Entropy Technologies LP lifted its holdings in Newsmax by 54.7% during the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after purchasing an additional 12,480 shares in the last quarter. Cetera Investment Advisers boosted its stake in Newsmax by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares during the period. Bank of New York Mellon Corp boosted its stake in Newsmax by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock worth $578,000 after purchasing an additional 5,283 shares during the period. Finally, Kestra Advisory Services LLC grew its holdings in Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock valued at $218,000 after buying an additional 2,697 shares in the last quarter.

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.