Newsmax (NYSE:NMAX) Major Shareholder Conyers Investments Llc Sells 53,500 Shares of Stock

Key Points

• Conyers Investments LLC sold 53,500 Newsmax shares at an average price of $11.03, generating $590,105. After the sale, it still owned 22.7 million shares, with its stake declining by 0.24%.
• Newsmax shares traded at $10.98, with a market capitalization of approximately $1.42 billion. The stock has risen from a 12-month low of $5.11 but remains highly volatile, with a beta of 2.70.
• Newsmax exceeded quarterly earnings expectations with EPS of $0.02 versus the projected loss of $0.03, though it reported a negative net margin. Wall Street’s consensus rating remains “Sell.”

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 53,500 shares of Newsmax stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $11.03, for a total transaction of $590,105.00. Following the completion of the transaction, the insider directly owned 22,696,089 shares in the company, valued at $250,337,861.67. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 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 transaction 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 Stock Performance

NYSE NMAX traded up $0.59 during trading on Wednesday, reaching $10.98. The company's stock had a trading volume of 1,324,781 shares, compared to its average volume of 1,325,799. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -219.60 and a beta of 2.70. Newsmax Inc. has a twelve month low of $5.11 and a twelve month high of $14.28. The business's fifty day moving average price is $8.91 and its 200-day moving average price is $7.58.

Newsmax (NYSE:NMAX - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $54.12 million during the quarter. As a group, sell-side analysts forecast that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Newsmax

A number of institutional investors have recently added to or reduced their stakes in NMAX. Advisory Services Network LLC purchased a new position in shares of Newsmax during the 3rd quarter worth approximately $26,000. Osterweis Capital Management Inc. acquired a new position in Newsmax during the second quarter worth $32,000. Smartleaf Asset Management LLC acquired a new position in Newsmax during the fourth quarter worth $32,000. Russell Investments Group Ltd. raised its position in Newsmax by 559.0% in the fourth quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $47,000 after acquiring an additional 5,171 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Newsmax in the second quarter worth $63,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Newsmax in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of "Sell".

Newsmax Company Profile

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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