Newsmax Inc. (NYSE:NMAX) Sees Large Increase in Short Interest

Newsmax Inc. (NYSE:NMAX) was the target of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 4,355,002 shares, a growth of 19.7% from the January 15th total of 3,638,495 shares. Approximately 3.4% of the company’s shares are short sold. Based on an average daily volume of 1,048,185 shares, the short-interest ratio is presently 4.2 days. Based on an average daily volume of 1,048,185 shares, the short-interest ratio is presently 4.2 days. Approximately 3.4% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

NMAX has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Newsmax from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Newsmax in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Newsmax currently has an average rating of “Hold” and an average price target of $21.50.

Institutional Trading of Newsmax

Hedge funds have recently modified their holdings of the business. CWM LLC grew its position in shares of Newsmax by 955.8% in the 2nd quarter. CWM LLC now owns 5,923 shares of the company’s stock worth $90,000 after buying an additional 5,362 shares during the period. Harbour Investments Inc. bought a new stake in Newsmax during the second quarter worth about $125,000. Stephens Inc. AR purchased a new stake in Newsmax in the second quarter worth about $749,000. Caitong International Asset Management Co. Ltd purchased a new stake in Newsmax in the second quarter worth about $37,000. Finally, Freestone Capital Holdings LLC bought a new position in shares of Newsmax during the second quarter valued at approximately $209,000.

Newsmax Stock Up 3.1%

NMAX opened at $5.64 on Thursday. Newsmax has a 52 week low of $5.18 and a 52 week high of $265.00. The stock has a market cap of $728.29 million and a PE ratio of -4.86. The business has a 50 day moving average of $7.57 and a 200-day moving average of $9.98.

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.