Newsmax (NYSE:NMAX) Trading Down 7% – Should You Sell?

Newsmax Inc. (NYSE:NMAX) shares fell 7% on Monday . The stock traded as low as $10.47 and last traded at $10.1120. 209,292 shares were traded during trading, a decline of 84% from the average daily volume of 1,332,270 shares. The stock had previously closed at $10.87.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Newsmax has a consensus rating of “Hold” and a consensus target price of $23.00.

Newsmax Stock Up 9.8%

The company’s 50-day simple moving average is $8.34 and its 200 day simple moving average is $7.28. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -17.24 and a beta of 2.55.

Newsmax (NYSE:NMAX) last announced its quarterly 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. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The company had revenue of $54.12 million during the quarter. On average, equities analysts expect that Newsmax Inc. will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Newsmax

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its holdings in Newsmax by 7.9% in the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after acquiring an additional 1,282 shares during the period. Foundations Investment Advisors LLC grew its position in shares of Newsmax by 15.1% in the fourth quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock valued at $101,000 after purchasing an additional 1,711 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Newsmax by 5.1% in the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after purchasing an additional 1,725 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Newsmax in the third quarter worth about $26,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Newsmax in the second quarter worth about $32,000.

Newsmax Company Profile

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.