Newsmax (NYSE:NMAX) Major Shareholder Sells 32,416 Shares

Key Points

• Major shareholder Conyers Investments sold 32,416 shares at an average price of $11.02, generating $357,224.32. The sale reduced its holdings by 0.14%, leaving it with 22.76 million shares valued at approximately $250.8 million.
• Newsmax shares fell 4.5% to $10.42 during Wednesday trading. The company reported quarterly EPS of $0.02, beating estimates of a $0.03 loss, while revenue reached $54.12 million and profitability remained negative.
• Analyst sentiment remains bearish: Weiss Ratings reiterated a “sell (e+)” rating, and MarketBeat data shows the stock has an average rating of “Sell.”

Newsmax Inc. (NYSE:NMAX - Get Free Report) major shareholder Conyers Investments Llc sold 32,416 shares of Newsmax stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $11.02, for a total value of $357,224.32. Following the completion of the transaction, the insider owned 22,762,939 shares of the company's stock, valued at approximately $250,847,587.78. This trade represents a 0.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Newsmax Trading Down 4.5%

NYSE:NMAX traded down $0.49 during midday trading on Wednesday, hitting $10.42. 408,401 shares of the company traded hands, compared to its average volume of 1,333,847. The firm has a market capitalization of $1.35 billion, a P/E ratio of -208.60 and a beta of 2.55. The firm's fifty day moving average is $8.60 and its 200-day moving average is $7.42. Newsmax Inc. has a 12-month low of $5.11 and a 12-month high of $15.81.

Newsmax (NYSE:NMAX - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.02 EPS 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 during the quarter. On average, research analysts expect that Newsmax Inc. will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Newsmax

Several hedge funds have recently bought and sold shares of NMAX. Advisory Services Network LLC bought a new stake in shares of Newsmax during the third quarter worth $26,000. Osterweis Capital Management Inc. bought a new position in shares of Newsmax in the second quarter worth about $32,000. Smartleaf Asset Management LLC bought a new position in shares of Newsmax in the fourth quarter worth about $32,000. Russell Investments Group Ltd. increased its stake in Newsmax by 559.0% in the 4th quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $47,000 after buying an additional 5,171 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Newsmax during the 2nd quarter valued at about $63,000.

Wall Street Analyst Weigh In

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