Newsmax (NYSE:NMAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Newsmax (NYSE:NMAX) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Newsmax Price Performance

Newsmax stock opened at $9.92 on Friday. Newsmax has a one year low of $5.11 and a one year high of $13.18. The business has a fifty day moving average price of $10.11 and a 200-day moving average price of $8.31. The firm has a market capitalization of $1.28 billion, a P/E ratio of -198.38 and a beta of 2.56.

Newsmax (NYSE:NMAX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate 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%. Sell-side analysts expect that Newsmax will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of Newsmax stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total transaction of $243,540.00. Following the completion of the sale, the insider owned 21,965,639 shares of the company’s stock, valued at approximately $243,159,623.73. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 494,886 shares of company stock valued at $5,611,995 in the last quarter. Company insiders own 61.03% of the company’s stock.

Hedge Funds Weigh In On Newsmax

A number of institutional investors have recently added to or reduced their stakes in NMAX. Integrated Wealth Concepts LLC bought a new position in shares of Newsmax in the second quarter worth approximately $67,000. NewEdge Advisors LLC raised its stake in 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 purchasing an additional 8,659 shares in the last quarter. Allworth Financial LP lifted its position in Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock valued at $99,000 after purchasing an additional 4,270 shares during the last quarter. Arizona State Retirement System bought a new stake in Newsmax during the second quarter valued at approximately $98,000. Finally, Great Lakes Advisors LLC purchased a new position in Newsmax in the 2nd quarter worth approximately $123,000.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.