Newsmax (NYSE:NMAX) Raised to “Hold” at Freedom Broker

Newsmax (NYSE:NMAX) was upgraded by analysts at Freedom Broker to a “hold” rating in a report issued on Wednesday, Zacks reports.

Other analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Newsmax from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Newsmax presently has an average rating of “Reduce”.

Newsmax Price Performance

Shares of Newsmax stock opened at $9.30 on Wednesday. The stock’s 50-day moving average is $10.41 and its 200 day moving average is $8.51. Newsmax has a one year low of $5.11 and a one year high of $12.11. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -185.92 and a beta of 2.56.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. The business 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%. On average, sell-side analysts expect that Newsmax will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Newsmax

In related news, major shareholder Conyers Investments Llc sold 282,063 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65. Following the transaction, the insider directly owned 22,051,478 shares in the company, valued at $254,694,570.90. This trade represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 494,886 shares of company stock worth $5,611,995 over the last quarter. 61.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new position in Newsmax during the second quarter worth $67,000. NewEdge Advisors LLC grew its holdings in shares of Newsmax by 49.7% during 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 last quarter. Allworth Financial LP grew its holdings in shares of 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 buying an additional 4,270 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Newsmax during the second quarter worth about $98,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Newsmax during the second quarter worth about $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.