Newsmax (NYSE:NMAX) Stock Price Up 10% – Here’s Why

Newsmax Inc. (NYSE:NMAX)’s stock price shot up 10% on Tuesday . The stock traded as high as $11.21 and last traded at $11.3970. 168,752 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,335,218 shares. The stock had previously closed at $10.36.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Newsmax has a consensus rating of “Hold” and a consensus price target of $23.00.

Newsmax Trading Up 7.6%

The business has a fifty day simple moving average of $8.29 and a two-hundred day simple moving average of $7.25. The stock has a market cap of $1.44 billion, a PE ratio of -16.94 and a beta of 2.55.

Newsmax (NYSE:NMAX) last released its earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The company had revenue of $54.12 million during the quarter. On average, research analysts predict that Newsmax Inc. will post -0.07 earnings per share for the current year.

Institutional Trading of Newsmax

Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC purchased a new stake in shares of Newsmax in the 3rd quarter worth about $26,000. Osterweis Capital Management Inc. purchased a new position in Newsmax during the 2nd quarter valued at about $32,000. Smartleaf Asset Management LLC bought a new stake in Newsmax during the fourth quarter worth about $32,000. Russell Investments Group Ltd. grew its holdings in Newsmax by 559.0% in the fourth quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $47,000 after purchasing an additional 5,171 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Newsmax in the second quarter worth about $63,000.

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.