Newsmax (NYSE:NMAX) Stock Moved Up to “Buy” by Freedom Broker

Freedom Broker upgraded shares of Newsmax (NYSE:NMAX) from a hold rating to a buy rating in a research note released on Friday, MarketBeat Ratings reports. They currently have $10.00 price target on the stock.

Several other equities analysts have also issued reports on the company. Freedom Capital raised Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Friday. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. Finally, Wall Street Zen cut Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.00.

Newsmax Stock Performance

Shares of NYSE NMAX opened at $9.57 on Friday. The stock’s 50-day simple moving average is $9.45 and its 200-day simple moving average is $8.03. The firm has a market capitalization of $1.24 billion, a PE ratio of -191.48 and a beta of 2.71. Newsmax has a fifty-two week low of $5.11 and a fifty-two week high of $12.11.

Newsmax (NYSE:NMAX) last posted its earnings results on Thursday, November 12th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.14. Newsmax had a net margin of 5.70% and a return on equity of 10.45%. The firm had revenue of $55.00 million for the quarter. On average, sell-side analysts forecast that Newsmax will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Newsmax

In related news, major shareholder Conyers Investments Llc sold 282,063 shares of the business’s stock in a transaction dated 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 owned 22,051,478 shares in the company, valued at $254,694,570.90. The trade was a 1.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 494,886 shares of company stock valued at $5,611,995. Insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC increased its position in shares of Newsmax by 7.9% during the first quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after acquiring an additional 1,282 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Newsmax by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after purchasing an additional 1,725 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Newsmax by 191.8% in the 3rd quarter. Global Retirement Partners LLC now owns 3,166 shares of the company’s stock valued at $34,000 after purchasing an additional 2,081 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new position in shares of Newsmax during the 3rd quarter valued at approximately $25,000. Finally, Kestra Advisory Services LLC boosted its stake in shares of Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock valued at $218,000 after buying an additional 2,697 shares during the last quarter.

Newsmax News Roundup

Here’s some of the latest news about NMAX:

• Positive Sentiment: Newsmax reported record Q3 revenue of $69 million, up 52.5% year over year, and net income of $15.2 million, or $0.12 per diluted share—well above estimates that called for a loss. Strong interest in the midterm elections helped drive results, and audience growth also contributed to the upbeat report. Q3 earnings details Election interest and results
• Neutral Sentiment: Newsmax announced board changes effective November 9; a separate report says Nancy G. Brinker gave notice of resignation. The available reports provide limited detail on the changes’ potential business impact. Board changes
• Negative Sentiment: A third-party report says insiders recorded 13 open-market sales and no purchases over the past six months. This may weigh on sentiment, though insider transactions do not necessarily indicate the company’s outlook. Insider trading information

Newsmax Company Profile

Newsmax is a multimedia news company that produces and distributes news, opinion and lifestyle content. Its offerings include the Newsmax television network, digital news and video platforms, and print publications such as Newsmax magazine. Founded in 1998 by Christopher Ruddy, the company is based in Boca Raton, Florida. Ruddy serves as Newsmax’s chief executive officer. Newsmax reaches audiences in the United States and abroad through television distribution and its digital platforms, which provide news coverage, commentary and other programming.