Newsmax (NYSE:NMAX) Stock Bumped Up to Hold by Freedom Broker

Key Points

• Freedom Broker upgraded Newsmax to “Hold”, while analyst opinions remain mixed: Wall Street Zen rates it “Buy” and Weiss Ratings maintains a “Sell” rating. MarketBeat lists the stock’s average rating as “Reduce.”
• Newsmax shares opened at $9.30, with a $1.20 billion market capitalization and a 12-month trading range of $5.11 to $12.11. The stock has a negative price-to-earnings ratio of -185.92.
• The company beat quarterly earnings expectations, reporting $0.02 EPS versus the consensus estimate of a $0.03 loss, on $54.12 million in revenue. However, Newsmax posted negative net margin and return on equity, while insiders have sold nearly 495,000 shares over the past 90 days.

Newsmax (NYSE:NMAX - Get Free Report) was upgraded by research analysts at Freedom Broker to a "hold" rating in a research report issued on Wednesday, Zacks reports.

A number of other research analysts have also issued reports on NMAX. Wall Street Zen upgraded shares of Newsmax from a "hold" rating to a "buy" rating in a report on Saturday, October 3rd. Weiss Ratings restated a "sell (e+)" rating on shares of Newsmax in a research report on Friday, October 2nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Reduce".

Newsmax Stock Up 0.3%

Shares of NMAX opened at $9.30 on Wednesday. The stock has a market cap of $1.20 billion, a PE ratio of -185.92 and a beta of 2.56. Newsmax has a 12-month low of $5.11 and a 12-month high of $12.11. The business has a 50-day simple moving average of $10.41 and a two-hundred day simple moving average of $8.51.

Newsmax (NYSE:NMAX - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating 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 firm had revenue of $54.12 million for the quarter. On average, equities research analysts expect that Newsmax will post -0.02 EPS for the current year.

Insider Buying and Selling at Newsmax

In other news, major shareholder Conyers Investments Llc sold 22,000 shares of the firm's stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total transaction of $243,540.00. Following the completion of the transaction, the insider directly owned 21,965,639 shares in the company, valued at $243,159,623.73. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 494,886 shares of company stock valued at $5,611,995 over the last ninety days. Corporate insiders own 61.03% of the company's stock.

Institutional Trading of Newsmax

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in Newsmax during the 2nd quarter worth approximately $67,000. NewEdge Advisors LLC boosted its stake in shares of Newsmax by 49.7% in the 2nd 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 stake in shares of Newsmax by 55.4% in the 2nd 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 stake in shares of Newsmax in the 2nd quarter valued at $98,000. Finally, Great Lakes Advisors LLC acquired a new stake in shares of Newsmax during the second quarter worth $123,000.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company's principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company's chief executive officer and chairman.

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