Newsmax (NYSE:NMAX) Major Shareholder Conyers Investments Llc Sells 49,588 Shares of Stock

Key Points

• Conyers Investments sold 49,588 Newsmax shares at an average price of $11.15, generating $552,906.20. Following the transaction, the major shareholder retained 22.0 million shares valued at approximately $245.3 million.
• The sale was part of a series of recent insider transactions, with Conyers Investments selling more than 400,000 additional shares since late August.
• Newsmax shares rose 1.2% to $10.89, but the company remains unprofitable and analysts maintain a consensus “Sell” rating despite its latest quarterly earnings beating expectations.

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 49,588 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $11.15, for a total transaction of $552,906.20. Following the sale, the insider owned 22,001,890 shares of the company's stock, valued at $245,321,073.50. This represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The shares were sold at an average price of $11.55, for a total transaction of $3,257,827.65.
• 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 Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The stock was 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 stock was 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 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 transaction of $357,224.32.

Newsmax Trading Up 1.2%

NYSE NMAX traded up $0.12 during trading on Wednesday, hitting $10.89. The company had a trading volume of 134,900 shares, compared to its average volume of 1,314,755. The company's fifty day moving average is $9.45 and its 200-day moving average is $7.96. Newsmax Inc. has a one year low of $5.11 and a one year high of $13.60. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -217.90 and a beta of 2.72.

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. 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 for the quarter. As a group, equities analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current year.

Institutional Trading of Newsmax

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Apollon Wealth Management LLC purchased a new stake in Newsmax during the first quarter valued at approximately $65,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Newsmax during the second quarter valued at $67,000. Allegheny Financial Group acquired a new position in shares of Newsmax in the first quarter valued at about $69,000. Caitong International Asset Management Co. Ltd purchased a new stake in Newsmax in the fourth quarter valued at approximately $70,000. Finally, NewEdge Advisors LLC lifted its stake in Newsmax by 7.9% during the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company's stock valued at $91,000 after acquiring an additional 1,282 shares during the period.

Wall Street Analyst Weigh In

NMAX has been the subject of several recent research reports. 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 note on Saturday, September 5th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Newsmax has a consensus 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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