Newsmax (NYSE:NMAX) Trading Up 8.3% – Here’s What Happened

Newsmax Inc. (NYSE:NMAX) shares shot up 8.3% on Friday . The stock traded as high as $7.18 and last traded at $7.2210. Approximately 597,540 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 1,419,653 shares. The stock had previously closed at $6.67.

Wall Street Analysts Forecast Growth

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

Newsmax Stock Performance

The stock has a market cap of $962.50 million, a P/E ratio of -11.29 and a beta of 2.93. The firm has a 50 day moving average of $7.46 and a two-hundred day moving average of $7.21.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, March 26th. The company reported $0.04 earnings per share (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 for the quarter. On average, sell-side analysts anticipate that Newsmax Inc. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Newsmax

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

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.