Newsmax (NYSE:NMAX) Stock Price Up 8.4% – Here’s Why

Newsmax Inc. (NYSE:NMAX) shares traded up 8.4% during mid-day trading on Thursday . The company traded as high as $9.17 and last traded at $9.28. 136,394 shares were traded during trading, a decline of 90% from the average session volume of 1,414,808 shares. The stock had previously closed at $8.56.

Analysts Set New Price Targets

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

Newsmax Stock Performance

The business’s fifty day simple moving average is $6.71 and its 200-day simple moving average is $7.20. The firm has a market capitalization of $1.24 billion, a PE ratio of -14.48 and a beta of 2.93.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NMAX. Advisory Services Network LLC bought a new position in shares of Newsmax during the 3rd quarter valued at approximately $26,000. Osterweis Capital Management Inc. bought a new position in shares of Newsmax during the 2nd quarter valued at approximately $32,000. Smartleaf Asset Management LLC bought a new position in shares of Newsmax during the 4th quarter valued at approximately $32,000. Russell Investments Group Ltd. boosted its position in shares of Newsmax by 559.0% during the 4th quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $47,000 after acquiring an additional 5,171 shares during the last quarter. Finally, GS Investments Inc. bought a new position in shares of Newsmax during the 3rd quarter valued at approximately $58,000.

About Newsmax

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.