Newsmax (NYSE:NMAX) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Newsmax from “buy” to “hold,” while Weiss Ratings reiterated a “sell (e+)” rating; MarketBeat data shows an average analyst rating of “Sell.”
• Newsmax shares opened at $10.30, with a $1.33 billion market capitalization and a 52-week range of $5.11 to $13.60. The company recently reported quarterly EPS of $0.02, beating the $0.03 loss consensus, on revenue of $54.12 million.
• Insiders have been selling shares: Conyers Investments sold 49,588 shares, and insiders have sold 455,653 shares worth about $5.18 million over the past 90 days, though insiders still own 61.03% of the company.

Newsmax (NYSE:NMAX - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

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

Newsmax Trading Up 0.4%

Shares of NYSE NMAX opened at $10.30 on Friday. The firm has a market cap of $1.33 billion, a PE ratio of -206.00 and a beta of 2.72. Newsmax has a 1-year low of $5.11 and a 1-year high of $13.60. The company has a fifty day moving average price of $9.56 and a 200 day moving average price of $8.04.

Newsmax (NYSE:NMAX - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.05. The firm had revenue of $54.12 million for the quarter. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%. Equities research analysts forecast that Newsmax will post -0.02 EPS for the current year.

Insider Activity at Newsmax

In related news, major shareholder Conyers Investments Llc sold 49,588 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $11.15, for a total transaction of $552,906.20. Following the completion of the transaction, the insider owned 22,001,890 shares in the company, valued at approximately $245,321,073.50. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 455,653 shares of company stock valued at $5,178,478 over the last 90 days. Insiders own 61.03% of the company's stock.

Institutional Investors Weigh In On Newsmax

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC bought a new position in shares of Newsmax in the 2nd quarter valued at about $67,000. NewEdge Advisors LLC boosted its position in Newsmax by 49.7% during the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company's stock valued at $216,000 after purchasing an additional 8,659 shares during the last quarter. Allworth Financial LP boosted its position in Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company's stock valued at $99,000 after purchasing an additional 4,270 shares during the last quarter. Arizona State Retirement System bought a new position in Newsmax in the second quarter valued at approximately $98,000. Finally, Great Lakes Advisors LLC bought a new position in Newsmax in the second quarter valued at approximately $123,000.

Newsmax Company Profile

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.

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