Newsmax (NYSE:NMAX) Major Shareholder Sells $243,540.00 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 22,000 shares of Newsmax stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total transaction of $243,540.00. Following the completion of the transaction, the insider owned 21,965,639 shares in the company, valued at approximately $243,159,623.73. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Wednesday, September 23rd, Conyers Investments Llc sold 350 shares of Newsmax stock. The stock was sold at an average price of $11.03, for a total transaction of $3,860.50.
• On Monday, September 21st, Conyers Investments Llc sold 14,251 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $157,046.02.
• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The stock was sold at an average price of $11.15, for a total transaction of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total transaction of $3,257,827.65.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The shares were sold at an average price of $11.70, for a total transaction of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total transaction of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The stock was sold at an average price of $11.04, for a total value of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total value of $357,224.32.

Newsmax Trading Down 0.8%

Shares of NMAX stock opened at $10.89 on Friday. The stock has a 50 day simple moving average of $9.82 and a 200-day simple moving average of $8.17. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -217.86 and a beta of 2.72. Newsmax Inc. has a 12-month low of $5.11 and a 12-month high of $13.18.

Newsmax (NYSE:NMAX) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The firm had revenue of $54.12 million for the quarter. On average, equities analysts forecast that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Newsmax

A number of institutional investors and hedge funds have recently modified their holdings of NMAX. Greenwich Wealth Management LLC acquired a new position in Newsmax during the fourth quarter worth $176,208,000. Bank of New York Mellon Corp purchased a new stake in Newsmax during the second quarter worth $814,000. Caitong International Asset Management Co. Ltd acquired a new stake in Newsmax in the fourth quarter valued at $230,000. Aristides Capital LLC acquired a new stake in Newsmax in the fourth quarter valued at $162,000. Finally, Abel Hall LLC purchased a new position in shares of Newsmax in the first quarter valued at $100,000.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NMAX. Wall Street Zen cut shares of Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Newsmax currently has a consensus rating of “Sell”.

More Newsmax News

Here are the key news stories impacting Newsmax this week:

• Positive Sentiment: Newsmax Chief Executive Christopher Ruddy is reportedly urging the U.S. Department of Justice to block Fox’s proposed $22 billion acquisition of Roku. Newsmax could potentially benefit from reduced competition in digital video and streaming distribution if regulators stop the transaction, although the company has not announced any direct financial benefit. Newsmax pressures DOJ to block Fox’s $22B Roku deal
• Neutral Sentiment: The DOJ lobbying is primarily a strategic and competitive development, and its impact on Newsmax’s revenue or earnings is uncertain. The proposed Fox-Roku transaction and any regulatory review could take considerable time. Newsmax pressures DOJ to block Fox-Roku deal
• Negative Sentiment: Conyers Investments LLC, a major Newsmax shareholder, disclosed additional sales of 14,251 shares for approximately $157,000, 22,000 shares for about $244,000 and 350 shares for roughly $3,861. Although the transactions represent only a small reduction in its ownership and Conyers still holds nearly 22 million shares, the repeated selling may weigh on sentiment and increase near-term supply. Newsmax major shareholder sells stock
• Negative Sentiment: Newsmax’s investment case remains pressured by losses: analysts expect a full-year loss of roughly $0.02 per share, while the company recently reported a negative net margin and negative return on equity. Recent analyst commentary includes a downgrade to “Hold” and a broader consensus “Sell” rating. Newsmax IPO valuation and growth analysis

Newsmax Company Profile

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.