Newsmax (NYSE:NMAX) Issues Earnings Results

Newsmax (NYSE:NMAX) posted its quarterly earnings data on Thursday. The company reported $0.02 earnings per share for the quarter, FiscalAI reports. Newsmax had a negative return on equity of 81.14% and a negative net margin of 43.17%.The firm had revenue of $54.12 million for the quarter.

Newsmax Trading Up 7.4%

NYSE NMAX traded up $0.66 during midday trading on Thursday, hitting $9.52. The company had a trading volume of 1,544,340 shares, compared to its average volume of 1,305,122. The firm has a 50-day moving average price of $8.23 and a 200-day moving average price of $7.19. The company has a market capitalization of $1.23 billion, a PE ratio of -14.42 and a beta of 2.55. Newsmax has a twelve month low of $5.11 and a twelve month high of $15.94.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC acquired a new stake in Newsmax during the second quarter worth about $1,425,000. Cetera Investment Advisers acquired a new position in shares of Newsmax in the 2nd quarter valued at approximately $249,000. JPMorgan Chase & Co. acquired a new position in shares of Newsmax in the 2nd quarter valued at approximately $338,000. New York State Common Retirement Fund bought a new stake in shares of Newsmax during the 2nd quarter worth approximately $117,000. Finally, Jump Financial LLC acquired a new stake in shares of Newsmax during the 2nd quarter worth approximately $334,000.

Newsmax Company Profile

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.