Newsmax (NYSE:NMAX) Stock Breaks Above Two Hundred Day Moving Average - What's Next?

Key Points

• Newsmax shares rose above their 200-day moving average of $8.02, reaching $8.13 before last trading at $8.085, up 1.3%. The stock’s $1.04 billion market capitalization and high beta of 2.56 indicate elevated volatility.
• Analyst sentiment remains cautious: ratings include one Hold and one Sell, producing an average “Reduce” rating. Newsmax reported quarterly EPS of $0.02 versus estimates of a $0.03 loss, but analysts expect a full-year loss of $0.02 per share.
• Insiders own 61.03% of the company, while insiders have sold nearly 495,000 shares worth $5.6 million over the past 90 days. Several institutional investors and hedge funds have nevertheless increased their positions.

Newsmax Inc. (NYSE:NMAX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $8.02 and traded as high as $8.13. Newsmax shares last traded at $8.0850, with a volume of 677,404 shares changing hands.

Analyst Upgrades and Downgrades

NMAX has been the topic of several analyst reports. Freedom Broker raised Newsmax to a "hold" rating in a report on Wednesday, October 14th. Wall Street Zen cut shares of Newsmax from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Newsmax in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce".

Newsmax Trading Up 1.3%

The company has a 50 day moving average price of $10.12 and a 200-day moving average price of $8.02. The company has a market cap of $1.04 billion, a P/E ratio of -161.70 and a beta of 2.56.

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

Insider Activity

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of Newsmax stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total transaction of $243,540.00. Following the sale, the insider directly owned 21,965,639 shares of the company's stock, valued at approximately $243,159,623.73. The trade was a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 494,886 shares of company stock worth $5,611,995. Insiders own 61.03% of the company's stock.

Hedge Funds Weigh In On Newsmax

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in Newsmax in the second quarter valued at $814,000. Kestra Advisory Services LLC lifted its holdings in Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company's stock worth $218,000 after buying an additional 2,697 shares during the period. 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 valued at $216,000 after buying an additional 8,659 shares during the period. Cetera Investment Advisers increased its stake in shares of Newsmax by 5.1% in the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company's stock valued at $184,000 after buying an additional 1,725 shares during the period. Finally, Entropy Technologies LP raised its position in shares of 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 acquiring an additional 12,480 shares during the last quarter.

Newsmax Company Profile

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.

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.