Newsmax (NYSE:NMAX) Now Covered by Analysts at Noble Financial

Key Points

• Noble Financial initiated coverage of Newsmax with a “strong-buy” rating. Other analysts are divided, but MarketBeat’s consensus is “Moderate Buy” with a $10 price target.
• Newsmax reported quarterly EPS of $0.12, beating analyst expectations of a $0.02 loss, on revenue of $55 million.
• Shares rose $2.28 to $9.57 in Friday midday trading, on volume well above the stock’s average.

Stock analysts at Noble Financial started coverage on shares of Newsmax (NYSE:NMAX - Get Free Report) in a research note issued on Friday, Zacks reports. The firm set a "strong-buy" rating on the stock.

Several other analysts also recently weighed in on NMAX. Freedom Broker upgraded Newsmax from a "hold" rating to a "buy" rating and set a $10.00 target price for the company in a research note on Friday. Wall Street Zen cut Newsmax from a "buy" rating to a "hold" rating in a research note on Saturday, October 17th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Newsmax in a research note on Friday, October 2nd. Finally, Freedom Capital raised Newsmax from a "hold" rating to a "buy" rating and set a $10.00 price target for the company in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Newsmax Price Performance

Newsmax stock traded up $2.28 during midday trading on Friday, hitting $9.57. 5,071,443 shares of the stock were exchanged, compared to its average volume of 721,365. Newsmax has a 1 year low of $5.11 and a 1 year high of $12.11. The firm has a market cap of $1.24 billion, a P/E ratio of -191.48 and a beta of 2.71. The company has a 50 day moving average price of $9.45 and a two-hundred day moving average price of $8.03.

Newsmax (NYSE:NMAX - Get Free Report) last issued 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. The firm had revenue of $55.00 million for the quarter. Newsmax had a net margin of 5.70% and a return on equity of 10.45%. As a group, analysts predict that Newsmax will post -0.02 EPS for the current year.

Insider Activity

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the company's stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total value of $243,540.00. Following the sale, the insider directly owned 21,965,639 shares of the company's stock, valued at $243,159,623.73. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 494,886 shares of company stock valued at $5,611,995 in the last three months. 61.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NMAX. Ieq Capital LLC raised its stake in shares of Newsmax by 3.1% in the 3rd quarter. Ieq Capital LLC now owns 184,906 shares of the company's stock valued at $1,999,000 after purchasing an additional 5,630 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Newsmax during the second quarter worth about $814,000. Kestra Advisory Services LLC grew 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 purchasing an additional 2,697 shares in the last quarter. NewEdge Advisors LLC grew its stake 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 purchasing an additional 8,659 shares in the last quarter. Finally, Entropy Technologies LP grew its stake 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 purchasing an additional 12,480 shares in the last quarter.

Trending Headlines about Newsmax

These are some of the NMAX headlines that stood out recently:

• Positive Sentiment: Freedom Capital upgraded NMAX from “hold” to “buy” and set a $10 price target, reflecting a more favorable view of the shares after the latest results. Freedom Capital rating
• Neutral Sentiment: Call-option trading was unusually active, with volume 122% above its typical daily level. That may indicate increased speculative interest, but options activity alone does not establish a lasting price direction.
• 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

About Newsmax

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.

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