Conyers Investments Llc Sells 282,063 Shares of Newsmax (NYSE:NMAX) Stock

Key Points

• Conyers Investments sold 282,063 Newsmax shares for approximately $3.26 million at an average price of $11.55, reducing its stake by 1.26% while retaining 22.05 million shares.
• Conyers has made several additional Newsmax sales since late August, including 49,588 shares on September 15, continuing a pattern of insider selling.
• Newsmax shares recently traded at $10.89, with the company reporting quarterly revenue of $54.12 million and EPS of $0.02, while analysts’ average rating remains “Sell.”

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 282,063 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the sale, the insider directly owned 22,051,478 shares of the company's stock, valued at approximately $254,694,570.90. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The shares were sold at an average price of $11.15, for a total value of $552,906.20.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total transaction of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total transaction of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The stock was sold at an average price of $11.03, for a total transaction of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The shares were sold at an average price of $11.04, for a total value of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Price Performance

Shares of NYSE:NMAX traded up $0.12 during midday trading on Wednesday, hitting $10.89. 134,900 shares of the company's stock were exchanged, compared to its average volume of 1,314,755. Newsmax Inc. has a 12 month low of $5.11 and a 12 month high of $13.60. The company has a market cap of $1.41 billion, a PE ratio of -217.30 and a beta of 2.72. The stock has a 50 day moving average price of $9.45 and a 200-day moving average price of $7.96.

Newsmax (NYSE:NMAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate 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. On average, analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NMAX. Integrated Wealth Concepts LLC bought a new position in shares of Newsmax in the second quarter worth approximately $67,000. NewEdge Advisors LLC boosted its holdings in Newsmax by 49.7% in the 2nd quarter. NewEdge Advisors LLC now owns 26,074 shares of the company's stock worth $216,000 after buying an additional 8,659 shares during the period. Allworth Financial LP boosted its holdings in Newsmax by 55.4% in the 2nd quarter. Allworth Financial LP now owns 11,983 shares of the company's stock worth $99,000 after buying an additional 4,270 shares during the period. Arizona State Retirement System purchased a new stake in Newsmax in the 2nd quarter worth $98,000. Finally, Great Lakes Advisors LLC bought a new stake in Newsmax during the second quarter valued at about $123,000.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Newsmax in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Newsmax from a "hold" rating to a "buy" rating in a research report on Saturday, September 5th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Newsmax presently has an average rating of "Sell".

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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