Newsmax (NYSE:NMAX) Stock Bumped Up to Hold by Freedom Broker

Freedom Broker upgraded shares of Newsmax (NYSE:NMAX) to a hold rating in a report released on Wednesday morning,Zacks reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a report on Friday, October 2nd. Wall Street Zen raised shares of Newsmax from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Newsmax presently has a consensus rating of “Reduce”.

Newsmax Price Performance

NYSE NMAX opened at $9.30 on Wednesday. The company’s 50 day simple moving average is $10.41 and its 200 day simple moving average is $8.51. Newsmax has a 12 month low of $5.11 and a 12 month high of $12.11. The company has a market capitalization of $1.20 billion, a P/E ratio of -185.92 and a beta of 2.56.

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

Insider Activity

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total value 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. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 494,886 shares of company stock worth $5,611,995. 61.03% of the stock is owned by insiders.

Hedge Funds Weigh In On Newsmax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Apollon Wealth Management LLC acquired a new stake in Newsmax in the first quarter valued at approximately $65,000. Integrated Wealth Concepts LLC bought a new stake in Newsmax in the second quarter worth approximately $67,000. Allegheny Financial Group bought a new stake in Newsmax in the first quarter worth approximately $69,000. NewEdge Advisors LLC increased its stake in shares of Newsmax by 7.9% during the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after purchasing an additional 1,282 shares during the last quarter. Finally, Arizona State Retirement System acquired a new position in shares of Newsmax during the 2nd quarter worth $98,000.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.