Newsmax (NYSE:NMAX) Major Shareholder Sells 2,191 Shares of Company Stock

Key Points

• Major shareholder Conyers Investments sold 2,191 Newsmax shares at an average price of $11.05, worth $24,210.55, reducing its ownership by 0.01% while retaining about 21.96 million shares.
• Newsmax shares fell 1.1% to $10.79, though the stock remained above its 50-day and 200-day moving averages. The company recently reported quarterly revenue of $54.12 million and earnings of $0.02 per share, beating estimates.
• Analyst sentiment remains weak: Newsmax has a consensus “Sell” rating, while the company continues to report negative net margins and analysts expect a small full-year loss.

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 2,191 shares of the company's stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $11.05, for a total value of $24,210.55. Following the completion of the transaction, the insider directly owned 21,962,657 shares in the company, valued at approximately $242,687,359.85. The trade was a 0.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more 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 Thursday, September 24th, Conyers Investments Llc sold 441 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total value of $4,859.82.
• On Wednesday, September 23rd, Conyers Investments Llc sold 350 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $3,860.50.
• 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 Monday, September 21st, Conyers Investments Llc sold 14,251 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total transaction of $157,046.02.
• 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 value of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total value 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 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 transaction of $269,661.44.
• 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.

Newsmax Trading Down 1.1%

Shares of Newsmax stock traded down $0.12 during trading on Tuesday, reaching $10.79. The stock had a trading volume of 202,200 shares, compared to its average volume of 1,315,203. The stock has a fifty day moving average price of $9.87 and a two-hundred day moving average price of $8.20. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -216.04 and a beta of 2.72. Newsmax Inc. has a 52 week low of $5.11 and a 52 week high of $13.18.

Newsmax (NYSE:NMAX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping 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. On average, equities analysts forecast that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on NMAX shares. Wall Street Zen downgraded Newsmax from a "buy" rating to a "hold" rating in a research note on Saturday, September 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Newsmax in a report on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of "Sell".

Hedge Funds Weigh In On Newsmax

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its holdings in Newsmax by 7.9% in the first quarter. NewEdge Advisors LLC now owns 17,415 shares of the company's stock worth $91,000 after purchasing an additional 1,282 shares during the period. Foundations Investment Advisors LLC increased its holdings in shares of Newsmax by 15.1% during the 4th quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company's stock worth $101,000 after acquiring an additional 1,711 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Newsmax by 5.1% in the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock valued at $184,000 after purchasing an additional 1,725 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in shares of Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company's stock worth $218,000 after buying an additional 2,697 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company's stock worth $99,000 after acquiring an additional 4,270 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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