Conyers Investments Llc Sells 282,063 Shares of Newsmax (NYSE:NMAX) Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 282,063 shares of Newsmax stock in a transaction on Monday, September 14th. The shares were sold at an average price of $11.55, for a total transaction of $3,257,827.65. Following the completion of the sale, the insider owned 22,051,478 shares in the company, valued at approximately $254,694,570.90. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The stock was sold at an average price of $11.15, for a total value of $552,906.20.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total value of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total transaction of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The shares were sold at an average price of $11.04, for a total transaction of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Price Performance

Shares of Newsmax stock traded up $0.12 during trading hours on Wednesday, reaching $10.89. The company’s stock had a trading volume of 134,900 shares, compared to its average volume of 1,314,755. The firm has a 50 day moving average price of $9.45 and a 200-day moving average price of $7.96. Newsmax Inc. has a one year low of $5.11 and a one year high of $13.60. The stock has a market cap of $1.41 billion, a P/E ratio of -217.30 and a beta of 2.72.

Newsmax (NYSE:NMAX) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate 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 for the quarter. As a group, sell-side analysts forecast that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on NMAX shares. Wall Street Zen upgraded shares of Newsmax from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. Weiss Ratings reiterated 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 Sell rating, According to MarketBeat, Newsmax presently has an average rating of “Sell”.

Institutional Trading of Newsmax

A number of large investors have recently made changes to their positions in the stock. Greenwich Wealth Management LLC bought a new position in Newsmax in the 4th quarter worth about $176,208,000. UBS Group AG raised its stake in shares of Newsmax by 4,495.3% during the fourth quarter. UBS Group AG now owns 421,342 shares of the company’s stock valued at $3,257,000 after acquiring an additional 412,173 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Newsmax by 5.0% in the first quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock valued at $578,000 after purchasing an additional 5,283 shares during the period. Kestra Advisory Services LLC grew its stake in Newsmax by 6.9% in the first quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock worth $218,000 after purchasing an additional 2,697 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in Newsmax by 5.1% during the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares during the period.

About Newsmax

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.