Newsmax (NYSE:NMAX) Shares Down 3.8% - Here's Why

Newsmax (NYSE:NMAX - Get Free Report)'s share price was down 3.8% on Tuesday . The stock traded as low as $22.35 and last traded at $22.23. Approximately 524,175 shares were traded during trading, a decline of 82% from the average daily volume of 2,889,837 shares. The stock had previously closed at $23.11.

Newsmax Trading Down 18.1%

The firm has a 50 day moving average price of $32.71.

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

Institutional Investors Weigh In On Newsmax

Several large investors have recently modified their holdings of NMAX. Golden State Wealth Management LLC acquired a new stake in Newsmax in the first quarter worth $39,000. CWM LLC bought a new position in shares of Newsmax during the first quarter valued at about $47,000. Allworth Financial LP bought a new position in shares of Newsmax during the first quarter valued at about $89,000. Woodard & Co. Asset Management Group Inc. ADV bought a new position in shares of Newsmax during the first quarter valued at about $217,000. Finally, Sassicaia Capital Advisers LLC bought a new position in shares of Newsmax during the first quarter valued at about $309,000.

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”).