Newsmax (NYSE:NMAX) Shares Down 5.1% – Should You Sell?

Newsmax Inc. (NYSE:NMAX) shares fell 5.1% on Thursday. The stock traded as low as $10.42 and last traded at $10.2640. 121,865 shares traded hands during trading, a decline of 91% from the average daily volume of 1,308,240 shares. The stock had previously closed at $10.81.

Wall Street Analyst Weigh In

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

Newsmax Stock Performance

The stock’s fifty day simple moving average is $9.98 and its two-hundred day simple moving average is $8.26. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -198.60 and a beta of 2.72.

Newsmax (NYSE:NMAX) last issued its 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. Analysts predict that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the stock in a transaction that occurred 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 sale, the insider owned 21,965,639 shares of the company’s stock, valued at approximately $243,159,623.73. This represents a 0.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 494,886 shares of company stock worth $5,611,995. 61.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newsmax

Several large investors have recently made changes to their positions in the business. Greenwich Wealth Management LLC purchased a new position in shares of Newsmax in the 4th quarter valued at $176,208,000. Bank of New York Mellon Corp lifted its stake in shares of 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 purchasing an additional 5,283 shares in the last quarter. Kestra Advisory Services LLC boosted its position in shares of Newsmax by 6.9% in the first 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. Cetera Investment Advisers raised its holdings in shares of Newsmax by 5.1% during the 1st 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. Finally, Entropy Technologies LP lifted its position 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 acquiring an additional 12,480 shares in the last quarter.

About Newsmax

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.