Newsmax (NYSE:NMAX) Major Shareholder Sells $147,384.00 in Stock

Key Points

• Conyers Investments sold 13,350 Newsmax shares at an average price of $11.04, generating $147,384. Following the transaction, it still owned 22.75 million shares valued at approximately $251.2 million.
• Newsmax shares rose 1.1% to $10.83, with the stock trading between a 52-week range of $5.11 and $15.24. The company reported quarterly EPS of $0.02, exceeding the consensus estimate of a $0.03 loss, on revenue of $54.12 million.
• Analyst sentiment remains negative: Newsmax has an average “Sell” rating, while the company continues to report negative profitability metrics, including a 3.15% net margin and an expected full-year loss of $0.02 per share.

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 13,350 shares of the business's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $11.04, for a total value of $147,384.00. Following the completion of the sale, the insider directly owned 22,749,589 shares of the company's stock, valued at $251,155,462.56. The trade was a 0.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

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

• 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 value of $357,224.32.

Newsmax Stock Up 1.1%

NYSE:NMAX traded up $0.12 on Monday, hitting $10.83. The stock had a trading volume of 913,644 shares, compared to its average volume of 1,328,705. Newsmax Inc. has a 52 week low of $5.11 and a 52 week high of $15.24. The business's fifty day moving average is $8.77 and its 200 day moving average is $7.52. The company has a market cap of $1.40 billion, a PE ratio of -216.60 and a beta of 2.55.

Newsmax (NYSE:NMAX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating 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 firm had revenue of $54.12 million during the quarter. Equities analysts predict that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Newsmax in a report on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Newsmax currently has an average rating of "Sell".

Institutional Trading of Newsmax

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NMAX. Advisory Services Network LLC bought a new position in shares of Newsmax in the third quarter valued at approximately $26,000. Osterweis Capital Management Inc. purchased a new stake in Newsmax in the 2nd quarter valued at $32,000. Smartleaf Asset Management LLC purchased a new stake in Newsmax in the 4th quarter valued at $32,000. Russell Investments Group Ltd. lifted its stake in Newsmax by 559.0% during the 4th quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $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 during the 2nd quarter worth $63,000.

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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