Newsmax (NYSE:NMAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Newsmax (NYSE:NMAX) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Newsmax Stock Up 0.4%

Shares of NYSE:NMAX opened at $10.67 on Friday. The company has a market capitalization of $1.38 billion, a P/E ratio of -213.40 and a beta of 2.72. The stock’s fifty day simple moving average is $9.19 and its 200-day simple moving average is $7.73. Newsmax has a 52-week low of $5.11 and a 52-week high of $13.60.

Newsmax (NYSE:NMAX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The business 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%. On average, sell-side analysts anticipate that Newsmax will post -0.02 earnings per share for the current year.

Insider Activity at Newsmax

In other news, major shareholder Conyers Investments Llc sold 53,500 shares of Newsmax stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $11.03, for a total transaction of $590,105.00. Following the sale, the insider owned 22,696,089 shares of the company’s stock, valued at approximately $250,337,861.67. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 99,266 shares of company stock valued at $1,094,713 in the last quarter. 61.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. UBS Group AG raised its holdings in shares of Newsmax by 4,495.3% in the 4th quarter. UBS Group AG now owns 421,342 shares of the company’s stock worth $3,257,000 after purchasing an additional 412,173 shares in the last quarter. Greenwich Wealth Management LLC acquired a new position in Newsmax in the fourth quarter worth approximately $176,208,000. VARCOV Co. acquired a new stake in shares of Newsmax during the 4th quarter valued at $139,000. Invesco Ltd. acquired a new stake in shares of Newsmax during the 4th quarter valued at $105,000. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Newsmax by 229.0% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 11,910 shares of the company’s stock worth $92,000 after acquiring an additional 8,290 shares in the last quarter.

About Newsmax

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.