Newsmax (NYSE:NMAX) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Newsmax Inc. (NYSE:NMAX - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $8.03 and traded as high as $9.99. Newsmax shares last traded at $9.5740, with a volume of 5,071,443 shares.

Key Stories Impacting Newsmax

These are some of the NMAX stories that stood out recently:

• Positive Sentiment: Newsmax reported record Q3 revenue of $69 million, up 52.5% year over year, and net income of $15.2 million, or $0.12 per diluted share—well above estimates that called for a loss. Strong interest in the midterm elections helped drive results, and audience growth also contributed to the upbeat report. Q3 earnings details Election interest and results
• Neutral Sentiment: Call-option trading was unusually active, with volume 122% above its typical daily level. That may indicate increased speculative interest, but options activity alone does not establish a lasting price direction.
• Negative Sentiment: A third-party report says insiders recorded 13 open-market sales and no purchases over the past six months. This may weigh on sentiment, though insider transactions do not necessarily indicate the company’s outlook. Insider trading information

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Newsmax in a research report on Friday, October 2nd. Wall Street Zen lowered Newsmax from a "buy" rating to a "hold" rating in a research note on Saturday, October 17th. Freedom Capital raised Newsmax from a "hold" rating to a "buy" rating and set a $10.00 price target for the company in a report on Friday. Finally, Freedom Broker upgraded Newsmax from a "hold" rating to a "buy" rating and set a $10.00 price target on the stock in a research report on Friday. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.00.

Newsmax Stock Performance

The firm's 50-day moving average price is $9.45 and its two-hundred day moving average price is $8.03. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -191.48 and a beta of 2.71.

Newsmax (NYSE:NMAX - Get Free Report) last posted its earnings results on Thursday, November 12th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.14. Newsmax had a net margin of 5.70% and a return on equity of 10.45%. The firm had revenue of $55.00 million during the quarter. As a group, sell-side analysts expect that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Conyers Investments Llc sold 282,063 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $11.55, for a total transaction of $3,257,827.65. Following the completion of the transaction, the insider directly owned 22,051,478 shares of the company's stock, valued at $254,694,570.90. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 494,886 shares of company stock valued at $5,611,995 in the last quarter. Insiders own 61.03% of the company's stock.

Institutional Investors Weigh In On Newsmax

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ieq Capital LLC increased its holdings in shares of Newsmax by 3.1% during the 3rd quarter. Ieq Capital LLC now owns 184,906 shares of the company's stock worth $1,999,000 after buying an additional 5,630 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Newsmax by 5.0% during the first quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company's stock valued at $578,000 after buying an additional 5,283 shares in the last quarter. Kestra Advisory Services LLC lifted its position in Newsmax by 6.9% during the first quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company's stock valued at $218,000 after buying an additional 2,697 shares in the last quarter. Cetera Investment Advisers grew its stake in Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock worth $184,000 after buying an additional 1,725 shares during the period. Finally, Entropy Technologies LP grew its stake in Newsmax by 54.7% during the first quarter. Entropy Technologies LP now owns 35,280 shares of the company's stock worth $184,000 after buying an additional 12,480 shares during the period.

Newsmax Company Profile

Newsmax is a multimedia news company that produces and distributes news, opinion and lifestyle content. Its offerings include the Newsmax television network, digital news and video platforms, and print publications such as Newsmax magazine. Founded in 1998 by Christopher Ruddy, the company is based in Boca Raton, Florida. Ruddy serves as Newsmax's chief executive officer. Newsmax reaches audiences in the United States and abroad through television distribution and its digital platforms, which provide news coverage, commentary and other programming.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.