Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells 24,448 Shares

Key Points

• Major shareholder Conyers Investments sold 24,448 Newsmax shares at an average price of $11.03, generating $269,661.44. The sale reduced its stake by 0.11%, leaving it with more than 22.6 million shares.
• Conyers has made several additional sales recently, including 53,500 shares on September 2 and smaller transactions in August and September, indicating continued insider selling activity.
• Newsmax shares recently traded at $11.47, well above their 50-day and 200-day moving averages. Despite the company beating its latest EPS estimate, analysts’ average rating remains “Sell,” while the company continues to report negative margins and return on equity.

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 24,448 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $11.03, for a total transaction of $269,661.44. Following the completion of the sale, the insider owned 22,622,041 shares in the company, valued at $249,521,112.23. This represents a 0.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The shares were sold at an average price of $11.70, for a total value of $3,369.60.
• 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 stock was 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 shares were sold at an average price of $11.02, for a total value of $357,224.32.

Newsmax Price Performance

NYSE NMAX traded up $0.08 during trading hours on Monday, reaching $11.47. The company's stock had a trading volume of 1,101,621 shares, compared to its average volume of 1,318,877. The firm has a fifty day simple moving average of $9.36 and a 200-day simple moving average of $7.89. The stock has a market cap of $1.48 billion, a P/E ratio of -229.20 and a beta of 2.72. Newsmax Inc. has a 52 week low of $5.11 and a 52 week high of $13.60.

Newsmax (NYSE:NMAX - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.05. The firm 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%. On average, research analysts expect that Newsmax Inc. will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On Newsmax

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Advisory Services Network LLC purchased a new stake in shares of Newsmax in the third quarter worth $26,000. Osterweis Capital Management Inc. bought a new stake in shares of Newsmax during the 2nd quarter valued at $32,000. Smartleaf Asset Management LLC bought a new position in shares of Newsmax in the fourth quarter worth about $32,000. Russell Investments Group Ltd. lifted its holdings in Newsmax by 559.0% during the fourth quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $47,000 after purchasing an additional 5,171 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Newsmax in the 2nd quarter worth $63,000.

Analysts Set New Price Targets

NMAX has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Newsmax in a report on Wednesday, July 8th. Wall Street Zen raised shares of Newsmax from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock 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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