Newsmax (NYSE:NMAX) Trading 8% Higher - Should You Buy?

Key Points

• Newsmax Inc. shares surged 8% on Monday, reaching a last traded price of $13.08, despite a significant decrease in trading volume.
• Maxim Group initiated coverage with a "buy" rating and set a target price of $20.00 for Newsmax shares, indicating positive market sentiment.
• In the first quarter, several institutional investors acquired new stakes in Newsmax, indicating growing interest and investment in the company.

Shares of Newsmax Inc. (NYSE:NMAX - Get Free Report) were up 8% during trading on Monday . The stock traded as high as $12.93 and last traded at $13.08. Approximately 487,289 shares traded hands during trading, a decline of 73% from the average daily volume of 1,802,799 shares. The stock had previously closed at $12.11.

Wall Street Analysts Forecast Growth

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

Newsmax Stock Performance

The firm has a 50-day moving average of $13.53.

Newsmax (NYSE:NMAX - Get Free Report) last released its 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 Inflows and Outflows

Several institutional investors have recently bought and sold shares of NMAX. Allworth Financial LP acquired a new position in shares of Newsmax during the 1st quarter worth approximately $89,000. Woodard & Co. Asset Management Group Inc. ADV acquired a new position in Newsmax during the first quarter worth $217,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Newsmax in the first quarter valued at about $551,000. Golden State Wealth Management LLC acquired a new position in shares of Newsmax during the 1st quarter worth about $39,000. Finally, North Star Investment Management Corp. purchased a new position in Newsmax in the 2nd quarter valued at about $51,000.

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”).

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