Newsmax (NYSE:NMAX) Trading Down 4.6% - Here's Why

Newsmax Inc. (NYSE:NMAX - Get Free Report)'s stock price dropped 4.6% during trading on Wednesday . The stock traded as low as $12.21 and last traded at $12.23. Approximately 333,476 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 2,499,936 shares. The stock had previously closed at $12.82.

Newsmax Stock Down 2.8%

The stock has a fifty day simple moving average of $20.04.

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

Institutional Investors Weigh In On Newsmax

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NMAX. Golden State Wealth Management LLC bought a new position in shares of Newsmax in the first quarter worth approximately $39,000. CWM LLC bought a new position in Newsmax in the 1st quarter worth $47,000. Allworth Financial LP purchased a new stake in Newsmax in the 1st quarter worth $89,000. Woodard & Co. Asset Management Group Inc. ADV bought a new stake in Newsmax during the first quarter valued at about $217,000. Finally, Sassicaia Capital Advisers LLC bought a new stake in 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”).