Newsmax (NYSE:NMAX) Shares Down 1.3% - What's Next?

Newsmax (NYSE:NMAX - Get Free Report) shares dropped 1.3% during trading on Friday . The stock traded as low as $12.16 and last traded at $12.51. Approximately 745,565 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 2,663,426 shares. The stock had previously closed at $12.67.

Newsmax Price Performance

The firm's fifty day moving average is $22.16.

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

Hedge Funds Weigh In On Newsmax

Several institutional investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC acquired a new position in shares of Newsmax in the first quarter worth about $551,000. Golden State Wealth Management LLC bought a new position in Newsmax during the 1st quarter valued at $39,000. Allworth Financial LP bought a new position in Newsmax during the 1st quarter valued at $89,000. CWM LLC bought a new stake in shares of Newsmax during the 1st quarter worth $47,000. Finally, Woodard & Co. Asset Management Group Inc. ADV acquired a new stake in shares of Newsmax in the first quarter worth $217,000.

About Newsmax

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”).