Newsmax (NYSE:NMAX) Share Price Crosses Below 200-Day Moving Average - Here's What Happened

Key Points

• Newsmax shares fell below their 200-day moving average of $8.03, reaching an intraday low of $7.34 and last trading at $7.415; the stock was reported down 8.9%.
• Analyst sentiment is cautious: MarketBeat’s consensus rating is “Reduce,” with one analyst rating the stock Hold and another Sell.
• Newsmax reported quarterly EPS of $0.02, beating the consensus estimate of a $0.03 loss, on revenue of $54.12 million; however, it posted a negative net margin and return on equity.

Newsmax Inc. (NYSE:NMAX - Get Free Report)'s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.03 and traded as low as $7.34. Newsmax shares last traded at $7.4150, with a volume of 973,520 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wall Street Zen cut Newsmax from a "buy" rating to a "hold" rating in a report on Saturday, October 17th. Weiss Ratings restated a "sell (e+)" rating on shares of Newsmax in a research report on Friday, October 2nd. Finally, Freedom Broker raised Newsmax to a "hold" rating in a research note on Wednesday, October 14th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce".

Newsmax Trading Down 8.9%

The company has a market cap of $957.72 million, a P/E ratio of -148.30 and a beta of 2.71. The company's fifty day moving average is $9.79 and its 200 day moving average is $8.03.

Newsmax (NYSE:NMAX - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. Newsmax had a negative net margin of 3.15% and a negative return on equity of 8.28%. The business had revenue of $54.12 million during the quarter. Analysts anticipate that Newsmax Inc. will post -0.02 EPS for the current year.

Insider Activity at Newsmax

In other news, major shareholder Conyers Investments Llc sold 282,063 shares of Newsmax stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65. Following the transaction, the insider owned 22,051,478 shares in the company, valued at approximately $254,694,570.90. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 494,886 shares of company stock valued at $5,611,995 in the last quarter. 61.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newsmax

Several institutional investors and hedge funds have recently bought and sold shares of NMAX. Provenance Wealth Advisors LLC purchased a new stake in shares of Newsmax during the third quarter valued at approximately $25,000. Integrated Wealth Concepts LLC bought a new position in shares of Newsmax in the second quarter worth approximately $67,000. NewEdge Advisors LLC increased its stake in shares of Newsmax by 49.7% in the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company's stock worth $216,000 after buying an additional 8,659 shares during the period. Allworth Financial LP increased its stake in shares of Newsmax by 55.4% in the second quarter. Allworth Financial LP now owns 11,983 shares of the company's stock worth $99,000 after buying an additional 4,270 shares during the period. Finally, Arizona State Retirement System purchased a new position in shares of Newsmax in the second quarter worth $98,000.

About Newsmax

Newsmax, Inc is a multimedia company that operates a news and information platform serving audiences primarily in the United States. Its business combines television, digital media and publishing, with programming and content focused on news, politics, business, finance, health and lifestyle topics.

The company's principal products and services include Newsmax TV, its national television network; Newsmax.com, its digital news and information website; and Newsmax Magazine. It distributes content through television, websites, mobile and digital platforms, and other media channels, offering both live and on-demand programming as well as written articles and video content.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company's chief executive officer.

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