Bank of New York Mellon Corp Buys Shares of 98,354 Newsmax Inc. $NMAX

Key Points

• Bank of New York Mellon established a new position of 98,354 Newsmax shares in the second quarter, valued at approximately $814,000, representing about 0.08% of the company.
• Newsmax shares recently traded at $11.42, up 4%, with the company reporting quarterly earnings of $0.02 per share—beating the consensus estimate of a $0.03 loss—on revenue of $54.12 million.
• Institutional ownership has increased, but sentiment remains cautious: insiders sold nearly 99,266 shares in the last quarter, and analysts’ average rating is still “Sell.”

Bank of New York Mellon Corp purchased a new position in shares of Newsmax Inc. (NYSE:NMAX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 98,354 shares of the company's stock, valued at approximately $814,000. Bank of New York Mellon Corp owned approximately 0.08% of Newsmax as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. UBS Group AG increased its stake in Newsmax by 4,495.3% in the fourth quarter. UBS Group AG now owns 421,342 shares of the company's stock valued at $3,257,000 after purchasing an additional 412,173 shares during the last quarter. Greenwich Wealth Management LLC acquired a new stake in Newsmax in the 4th quarter worth about $176,208,000. Cetera Investment Advisers grew its holdings in Newsmax by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock valued at $184,000 after buying an additional 1,725 shares during the period. Kestra Advisory Services LLC grew its holdings in Newsmax by 6.9% in the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company's stock valued at $218,000 after buying an additional 2,697 shares during the period. Finally, Entropy Technologies LP increased its stake in shares of Newsmax by 54.7% during the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company's stock valued at $184,000 after acquiring an additional 12,480 shares during the last quarter.

Newsmax Trading Up 4.0%

Shares of NYSE:NMAX opened at $11.42 on Friday. The company has a fifty day simple moving average of $9.36 and a 200 day simple moving average of $7.87. The firm has a market cap of $1.48 billion, a PE ratio of -228.42 and a beta of 2.72. Newsmax Inc. has a 12-month low of $5.11 and a 12-month high of $13.60.

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

Insiders Place Their Bets

In related news, major shareholder Conyers Investments Llc sold 53,500 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were 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 in the company, valued at $250,337,861.67. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 99,266 shares of company stock worth $1,094,713 in the last quarter. 61.03% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NMAX has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Newsmax from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Weiss Ratings restated 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, Newsmax currently has an average rating of "Sell".

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.

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