Newsmax Inc. (NYSE:NMAX – Get Free Report) shares traded up 4.3% during trading on Friday . The company traded as high as $10.94 and last traded at $10.93. Approximately 173,581 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,325,465 shares. The stock had previously closed at $10.48.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.
Get Our Latest Analysis on NMAX
Newsmax Trading Up 3.1%
Newsmax (NYSE:NMAX – Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The firm had revenue of $54.12 million for the quarter. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%. As a group, analysts expect that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.
Insider Activity at Newsmax
In other news, major shareholder Conyers Investments Llc sold 32,416 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $11.02, for a total transaction of $357,224.32. Following the completion of the transaction, the insider directly owned 22,762,939 shares in the company, valued at $250,847,587.78. This trade represents a 0.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 61.03% of the company’s stock.
Hedge Funds Weigh In On Newsmax
Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in Newsmax in the 3rd quarter worth about $26,000. Osterweis Capital Management Inc. purchased a new position in shares of Newsmax during the 2nd quarter worth $32,000. Smartleaf Asset Management LLC purchased a new position in Newsmax during the fourth quarter valued at $32,000. Russell Investments Group Ltd. lifted its position in shares of Newsmax by 559.0% during the 4th quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $47,000 after buying an additional 5,171 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Newsmax in the second quarter worth approximately $63,000.
Newsmax Company Profile
Newsmax (NYSE:NMAX) is a diversified media company that produces and distributes conservative-oriented news, opinion and informational content. The company operates across multiple platforms, including a cable news channel, a digital streaming service, a website, a print magazine and various mobile applications. Newsmax focuses on delivering political coverage, financial analysis and cultural commentary to its audience.
Originally launched as a news website in 1998, Newsmax expanded into print with the debut of Newsmax magazine in 2003 and later launched its flagship cable network, Newsmax TV, in 2014.
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