Newsmax (NYSE:NMAX) Major Shareholder Sells 14,251 Shares

Key Points

• Conyers Investments sold 14,251 Newsmax shares at an average price of $11.02, generating $157,046.02. The sale reduced its ownership by 0.06%, though it still held nearly 22 million shares.
• The shareholder has made several additional sales recently, including 282,063 shares on September 14 and 22,000 shares on September 22, indicating a broader pattern of share reductions.
• Newsmax shares fell 4.1% to $10.75, while analysts maintain a consensus “Sell” rating. The company recently beat quarterly EPS estimates, reporting $54.12 million in revenue and $0.02 EPS.

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 14,251 shares of the company's stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $11.02, for a total value of $157,046.02. Following the completion of the sale, the insider owned 21,987,639 shares in the company, valued at $242,303,781.78. The trade was a 0.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Tuesday, September 22nd, Conyers Investments Llc sold 22,000 shares of Newsmax stock. The stock was sold at an average price of $11.07, for a total transaction of $243,540.00.
• 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 transaction of $552,906.20.
• 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 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 stock was 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 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 transaction of $357,224.32.

Newsmax Stock Down 4.1%

Newsmax stock traded down $0.46 during trading hours on Wednesday, reaching $10.75. 171,534 shares of the company's stock were exchanged, compared to its average volume of 1,329,359. The firm's 50 day simple moving average is $9.67 and its 200 day simple moving average is $8.11. Newsmax Inc. has a twelve month low of $5.11 and a twelve month high of $13.25. The firm has a market capitalization of $1.39 billion, a PE ratio of -215.04 and a beta of 2.72.

Newsmax (NYSE:NMAX - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $54.12 million for the quarter. Analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NMAX. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Newsmax in a research report on Wednesday, July 8th. Wall Street Zen lowered shares of Newsmax from a "buy" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Newsmax has a consensus rating of "Sell".

Institutional Trading of Newsmax

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in shares of Newsmax during the second quarter valued at about $814,000. Greenwich Wealth Management LLC purchased a new position in shares of Newsmax in the 4th quarter worth approximately $176,208,000. Entropy Technologies LP grew its holdings in shares of Newsmax by 54.7% in the first quarter. Entropy Technologies LP now owns 35,280 shares of the company's stock valued at $184,000 after acquiring an additional 12,480 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock valued at $184,000 after acquiring an additional 1,725 shares during the last quarter. Finally, Kestra Advisory Services LLC lifted its holdings in Newsmax by 6.9% during the first quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company's stock worth $218,000 after acquiring an additional 2,697 shares during the period.

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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