Newsmax (NYSE:NMAX) Major Shareholder Sells $269,661.44 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 24,448 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $11.03, for a total transaction of $269,661.44. Following the transaction, the insider owned 22,622,041 shares of the company’s stock, valued at $249,521,112.23. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total value of $3,369.60.
• 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 transaction 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 Stock Performance

NYSE:NMAX traded up $0.08 during midday trading on Monday, reaching $11.47. 1,101,621 shares of the stock traded hands, compared to its average volume of 1,318,877. Newsmax Inc. has a 12-month low of $5.11 and a 12-month high of $13.60. The stock has a market capitalization of $1.48 billion, a PE ratio of -229.20 and a beta of 2.72. The business has a 50-day moving average of $9.36 and a two-hundred day moving average of $7.89.

Newsmax (NYSE:NMAX) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $54.12 million during the quarter. Research analysts anticipate that Newsmax Inc. will post -0.02 earnings per share for the current year.

Analysts Set New Price Targets

NMAX has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. Wall Street Zen upgraded Newsmax from a “hold” rating to a “buy” rating in a report on Saturday, September 5th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Hedge Funds Weigh In On Newsmax

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC acquired a new stake in shares of Newsmax in the second quarter valued at about $1,425,000. Cetera Investment Advisers purchased a new position in shares of Newsmax in the 2nd quarter worth about $249,000. JPMorgan Chase & Co. acquired a new position in shares of Newsmax during the 2nd quarter valued at $338,000. New York State Common Retirement Fund purchased a new position in Newsmax in the 2nd quarter worth approximately $117,000. Finally, Jump Financial LLC acquired a new position in Newsmax in the 2nd quarter worth $334,000.

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.