Newsmax (NYSE:NMAX) Trading Down 4% – Here’s What Happened

Newsmax Inc. (NYSE:NMAX)’s stock price traded down 4% on Wednesday . The stock traded as low as $6.06 and last traded at $6.1030. 622,565 shares were traded during mid-day trading, a decline of 30% from the average session volume of 890,102 shares. The stock had previously closed at $6.36.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Newsmax in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $21.50.

Newsmax Stock Performance

The company has a market capitalization of $756.06 million and a PE ratio of -5.05. The company’s 50-day moving average is $6.63 and its 200 day moving average is $8.78.

Newsmax (NYSE:NMAX) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.04 earnings per share for the quarter. Newsmax had a negative net margin of 55.99% and a negative return on equity of 255.61%. The company had revenue of $52.24 million during the quarter.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NMAX. Hollencrest Capital Management purchased a new stake in Newsmax during the 2nd quarter valued at $25,000. Advisory Services Network LLC purchased a new position in Newsmax in the third quarter worth about $26,000. Harbor Investment Advisory LLC boosted its position in Newsmax by 139.8% in the third quarter. Harbor Investment Advisory LLC now owns 2,398 shares of the company’s stock worth $30,000 after purchasing an additional 1,398 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Newsmax during the 2nd quarter valued at about $32,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Newsmax during the 2nd quarter valued at about $32,000.

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.