Newsmax (NYSE:NMAX) Shares Gap Down – What’s Next?

Newsmax Inc. (NYSE:NMAX)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $6.92, but opened at $6.29. Newsmax shares last traded at $6.9320, with a volume of 216,609 shares.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Newsmax in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $21.50.

Newsmax Stock Performance

The business has a fifty day simple moving average of $6.49 and a 200-day simple moving average of $7.35. The firm has a market cap of $884.22 million, a price-to-earnings ratio of -5.91 and a beta of 2.25.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, March 26th. The company reported $0.04 earnings per share (EPS) for the quarter. The business had revenue of $52.24 million during the quarter. Newsmax had a negative return on equity of 82.25% and a negative net margin of 52.57%. On average, equities analysts anticipate that Newsmax Inc. will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On Newsmax

A number of large investors have recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new position in shares of Newsmax during the third quarter valued at approximately $26,000. Harbor Investment Advisory LLC boosted its holdings in Newsmax by 139.8% during the third quarter. Harbor Investment Advisory LLC now owns 2,398 shares of the company’s stock worth $30,000 after purchasing an additional 1,398 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in Newsmax during the second quarter worth about $32,000. Smartleaf Asset Management LLC purchased a new position in Newsmax in the fourth quarter valued at about $32,000. Finally, Russell Investments Group Ltd. lifted its stake 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.

About Newsmax

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.