Newsmax (NYSE:NMAX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Newsmax from “hold” to “buy,” although Weiss Ratings maintained a “sell (e+)” rating and the stock’s overall MarketBeat consensus remains “Sell.”
• Newsmax reported quarterly earnings of $0.02 per share, beating estimates of a $0.03 loss, on revenue of $54.12 million; analysts expect a full-year loss of $0.02 per share.
• Shares opened at $10.67, down 1.7%, with a $1.38 billion market capitalization. An insider sold 53,500 shares, while insiders still own 61.03% of the company.

Newsmax (NYSE:NMAX - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Newsmax in a report on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Newsmax presently has an average rating of "Sell".

Newsmax Stock Down 1.7%

Shares of NMAX opened at $10.67 on Friday. The stock has a market capitalization of $1.38 billion, a P/E ratio of -213.40 and a beta of 2.72. The firm has a fifty day simple moving average of $9.13 and a two-hundred day simple moving average of $7.68. Newsmax has a twelve month low of $5.11 and a twelve month high of $13.60.

Newsmax (NYSE:NMAX - Get Free Report) last posted its 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 net margin of 3.15% and a negative return on equity of 8.28%. The company had revenue of $54.12 million during the quarter. Sell-side analysts expect that Newsmax will post -0.02 EPS for the current fiscal year.

Insider Activity at Newsmax

In other news, major shareholder Conyers Investments Llc sold 53,500 shares of the business's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $11.03, for a total value of $590,105.00. Following the completion of the transaction, the insider owned 22,696,089 shares in the company, valued at $250,337,861.67. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 99,266 shares of company stock valued at $1,094,713. 61.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. UBS Group AG raised its stake in Newsmax by 4,495.3% during the 4th quarter. UBS Group AG now owns 421,342 shares of the company's stock valued at $3,257,000 after buying an additional 412,173 shares during the last quarter. Greenwich Wealth Management LLC bought a new position in shares of Newsmax in the fourth quarter worth about $176,208,000. AXQ Capital LP raised its stake in Newsmax by 78.8% during the 4th quarter. AXQ Capital LP now owns 20,682 shares of the company's stock worth $160,000 after acquiring an additional 9,117 shares during the period. Foundations Investment Advisors LLC raised its position in shares of Newsmax by 15.1% during the 4th 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 period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Newsmax in the fourth quarter valued at about $79,000.

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.

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