Newsmax (NYSE:NMAX) Shares Up 8% - Time to 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.

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

Analyst Upgrades and Downgrades

NMAX has been the topic of a number of research analyst reports. Noble Financial initiated coverage on Newsmax in a report on Thursday. They set an "outperform" rating and a $23.00 price target on the stock. Maxim Group initiated coverage on Newsmax in a report on Thursday, July 24th. They set a "buy" rating and a $20.00 price target on the stock. Finally, Wall Street Zen cut Newsmax from a "hold" rating to a "sell" rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Newsmax presently has an average rating of "Buy" and a consensus price target of $21.50.

Newsmax Stock Up 4.8%

The firm has a fifty day moving average of $13.56.

Newsmax (NYSE:NMAX - Get Free Report) last issued its earnings results on Tuesday, August 19th. The company reported ($0.59) earnings per share (EPS) for the quarter. The company had revenue of $46.44 million during the quarter. Newsmax has set its FY 2025 guidance at EPS.

Hedge Funds Weigh In On Newsmax

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in Newsmax by 910,880.0% during the 2nd quarter. Bank of America Corp DE now owns 136,647 shares of the company's stock valued at $2,067,000 after acquiring an additional 136,632 shares in the last quarter. Denver PWM LLC bought a new position in Newsmax during the 2nd quarter valued at $1,630,000. HRT Financial LP lifted its stake in Newsmax by 4,150.9% during the 2nd quarter. HRT Financial LP now owns 103,934 shares of the company's stock valued at $1,572,000 after acquiring an additional 101,489 shares in the last quarter. Geode Capital Management LLC bought a new position in Newsmax during the 2nd quarter valued at $1,425,000. Finally, Balyasny Asset Management L.P. bought a new position in Newsmax during the 2nd quarter valued at $1,279,000.

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”).