Newsmax (NYSE:NMAX) Sets New 12-Month Low - Time to Sell?

Key Points

• Newsmax Inc. shares reached a new 52-week low at $11.68, as trading volume hit 181,441 shares.
• Analysts from Maxim Group have initiated coverage with a "buy" rating and a target price of $20.00.
• In its latest earnings report, Newsmax posted a loss of ($0.53) per share on $45.30 million in revenue.

Newsmax Inc. (NYSE:NMAX - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $11.68 and last traded at $11.79, with a volume of 181441 shares traded. The stock had previously closed at $11.89.

Wall Street Analyst Weigh In

Separately, Maxim Group started coverage on shares of Newsmax in a research report on Thursday, July 24th. They set a "buy" rating and a $20.00 price target on the stock.

Newsmax Stock Performance

The business has a 50-day simple moving average of $13.96.

Newsmax (NYSE:NMAX - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.53) earnings per share (EPS) for the quarter. The business had revenue of $45.30 million for the quarter.

Hedge Funds Weigh In On Newsmax

Several large investors have recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new position in shares of Newsmax in the first quarter valued at about $39,000. CWM LLC bought a new position in shares of Newsmax in the first quarter valued at about $47,000. Allworth Financial LP bought a new position in shares of Newsmax in the first quarter valued at about $89,000. West Oak Capital LLC bought a new position in shares of Newsmax in the second quarter valued at about $30,000. Finally, SOA Wealth Advisors LLC. bought a new position in shares of Newsmax in the second quarter valued at about $32,000.

Newsmax Company Profile

Newsmax Inc is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc (“Newsmax Media”). Newsmax Media and its subsidiaries operate the businesses described in this Offering Circular. Newsmax Media has six wholly-owned subsidiaries: Newsmax Broadcasting, LLC, a Florida limited liability company (“Newsmax Broadcasting”), Crown Atlantic Insurance, LLC, a Florida limited liability company (“Crown Atlantic”), Humanix Publishing, LLC, a Florida limited liability company (“Humanix Publishing”), Medix Health LLC, a Florida limited liability company (“Medix Health”), ROI Media Strategies, LLC, a Florida limited liability company (“ROI Media Strategies”), and Newsmax Radio LLC, a Florida limited liability company (“Newsmax Radio,” and together with Newsmax Media, Newsmax Broadcasting, Crown Atlantic Insurance, Humanix Publishing, Medix Health, and ROI Media Strategies, the “Subsidiaries”).