Noble Financial Begins Coverage on Newsmax (NYSE:NMAX)

Stock analysts at Noble Financial began coverage on shares of Newsmax (NYSE:NMAX) in a report issued on Friday, Zacks reports. The firm set a “strong-buy” rating on the stock.

A number of other research firms also recently issued reports on NMAX. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research report on Friday, October 2nd. Freedom Broker raised shares of Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Friday. Wall Street Zen downgraded shares of Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Finally, Freedom Capital raised shares of Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Newsmax Price Performance

Shares of NMAX stock traded up $2.28 on Friday, hitting $9.57. 5,071,443 shares of the stock traded hands, compared to its average volume of 721,365. The company’s fifty day moving average is $9.45 and its 200 day moving average is $8.03. Newsmax has a 1-year low of $5.11 and a 1-year high of $12.11. The company has a market capitalization of $1.24 billion, a PE ratio of -191.48 and a beta of 2.71.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, November 12th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.14. Newsmax had a net margin of 5.70% and a return on equity of 10.45%. The firm had revenue of $55.00 million during the quarter. As a group, equities research analysts expect that Newsmax will post -0.02 EPS for the current year.

Insider Buying and Selling at Newsmax

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the firm’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 sale, the insider owned 21,965,639 shares of the company’s stock, valued at approximately $243,159,623.73. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 494,886 shares of company stock worth $5,611,995. 61.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NMAX. Provenance Wealth Advisors LLC acquired a new stake in Newsmax in the third quarter worth $25,000. Global Retirement Partners LLC lifted its stake in Newsmax by 191.8% in the third quarter. Global Retirement Partners LLC now owns 3,166 shares of the company’s stock valued at $34,000 after buying an additional 2,081 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Newsmax during the second quarter valued at $67,000. Arizona State Retirement System acquired a new position in shares of Newsmax during the second quarter valued at $98,000. Finally, Allworth Financial LP grew its position in shares of Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock worth $99,000 after acquiring an additional 4,270 shares during the last quarter.

Recent Newsmax Headlines

Here are a few of the latest headlines about NMAX:

• Positive Sentiment: Newsmax reported record Q3 revenue of $69 million, up 52.5% year over year, and net income of $15.2 million, or $0.12 per diluted share—well above estimates that called for a loss. Strong interest in the midterm elections helped drive results, and audience growth also contributed to the upbeat report. Q3 earnings details Election interest and results
• Neutral Sentiment: Newsmax announced board changes effective November 9; a separate report says Nancy G. Brinker gave notice of resignation. The available reports provide limited detail on the changes’ potential business impact. Board changes
• Negative Sentiment: A third-party report says insiders recorded 13 open-market sales and no purchases over the past six months. This may weigh on sentiment, though insider transactions do not necessarily indicate the company’s outlook. Insider trading information

Newsmax Company Profile

Newsmax is a multimedia news company that produces and distributes news, opinion and lifestyle content. Its offerings include the Newsmax television network, digital news and video platforms, and print publications such as Newsmax magazine. Founded in 1998 by Christopher Ruddy, the company is based in Boca Raton, Florida. Ruddy serves as Newsmax’s chief executive officer. Newsmax reaches audiences in the United States and abroad through television distribution and its digital platforms, which provide news coverage, commentary and other programming.