Newsmax (NYSE:NMAX) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of Newsmax Inc. (NYSE:NMAX) passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $8.03 and traded as low as $7.34. Newsmax shares last traded at $7.4150, with a volume of 973,520 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on NMAX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. Freedom Broker raised Newsmax to a “hold” rating in a research note on Wednesday, October 14th. Finally, Wall Street Zen cut Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Newsmax Price Performance

The stock has a market capitalization of $957.72 million, a PE ratio of -148.30 and a beta of 2.71. The company has a 50 day moving average price of $9.79 and a 200-day moving average price of $8.03.

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

Insider Transactions at Newsmax

In other Newsmax news, major shareholder Conyers Investments Llc sold 282,063 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the transaction, the insider directly owned 22,051,478 shares in the company, valued at approximately $254,694,570.90. This represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have 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

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new position in shares of Newsmax during the second quarter valued at about $814,000. Kestra Advisory Services LLC raised its stake in 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 in the last quarter. NewEdge Advisors LLC lifted its holdings in Newsmax by 49.7% in the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock worth $216,000 after buying an additional 8,659 shares during the period. Cetera Investment Advisers lifted its holdings in Newsmax by 5.1% in the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after buying an additional 1,725 shares during the period. Finally, Entropy Technologies LP lifted its holdings in Newsmax by 54.7% in the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after buying an additional 12,480 shares during the period.

Newsmax Company Profile

Newsmax, Inc is a multimedia company that operates a news and information platform serving audiences primarily in the United States. Its business combines television, digital media and publishing, with programming and content focused on news, politics, business, finance, health and lifestyle topics.

The company’s principal products and services include Newsmax TV, its national television network; Newsmax.com, its digital news and information website; and Newsmax Magazine. It distributes content through television, websites, mobile and digital platforms, and other media channels, offering both live and on-demand programming as well as written articles and video content.

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