Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells 22,000 Shares

Key Points

• Conyers Investments sold 22,000 Newsmax shares at an average price of $11.07, generating $243,540 and reducing its stake by 0.10% to roughly 21.97 million shares. The transaction follows several other sales by the major shareholder in recent weeks.
• Newsmax shares fell 4.1% to $10.75 during Wednesday trading. The company reported quarterly EPS of $0.02, beating the $0.03 loss expected, on revenue of $54.12 million.
• Analyst sentiment remains negative: Wall Street Zen downgraded the stock to “hold,” Weiss Ratings maintained a “sell (e+)” rating, and Newsmax has an overall “Sell” consensus rating.

Newsmax Inc. (NYSE:NMAX - Get Free Report) 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 sale, the insider owned 21,965,639 shares of the company's stock, valued at $243,159,623.73. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, September 21st, Conyers Investments Llc sold 14,251 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $157,046.02.
• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The stock was sold at an average price of $11.15, for a total value of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65.
• 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 value 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 value of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value 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 transaction of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total value of $357,224.32.

Newsmax Trading Down 4.1%

NMAX traded down $0.46 during mid-day trading on Wednesday, hitting $10.75. 171,534 shares of the stock were exchanged, compared to its average volume of 1,329,359. Newsmax Inc. has a 1-year low of $5.11 and a 1-year high of $13.25. The firm's fifty day moving average is $9.67 and its two-hundred day moving average is $8.11. The company has a market cap of $1.39 billion, a PE ratio of -214.22 and a beta of 2.72.

Newsmax (NYSE:NMAX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $54.12 million during the quarter. As a group, research analysts anticipate that Newsmax Inc. will post -0.02 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC raised its holdings in shares of Newsmax by 7.9% in the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company's stock valued at $91,000 after purchasing an additional 1,282 shares during the period. Foundations Investment Advisors LLC grew its position in shares of Newsmax by 15.1% in the fourth 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 last quarter. Cetera Investment Advisers increased its stake in shares of Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock worth $184,000 after purchasing an additional 1,725 shares during the period. Kestra Advisory Services LLC boosted its stake 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 purchasing an additional 2,697 shares during the period. Finally, Allworth Financial LP grew its holdings in 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 buying an additional 4,270 shares in the last quarter.

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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