Newsmax (NYSE:NMAX) Major Shareholder Conyers Investments Llc Sells 32,416 Shares

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 32,416 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $11.02, for a total value of $357,224.32. Following the transaction, the insider owned 22,762,939 shares in the company, valued at $250,847,587.78. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Newsmax Price Performance

NMAX stock opened at $10.55 on Thursday. Newsmax Inc. has a 1-year low of $5.11 and a 1-year high of $15.81. The company has a market capitalization of $1.36 billion, a P/E ratio of -211.00 and a beta of 2.55. The business has a 50-day moving average price of $8.66 and a 200 day moving average price of $7.46.

Newsmax (NYSE:NMAX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.05. Newsmax had a negative net margin of 3.15% and a negative return on equity of 8.28%. The firm had revenue of $54.12 million during the quarter. On average, analysts anticipate that Newsmax Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Newsmax presently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Newsmax

A number of institutional investors have recently made changes to their positions in NMAX. California State Teachers Retirement System grew its stake in shares of Newsmax by 14,773.7% in the second quarter. California State Teachers Retirement System now owns 382,404 shares of the company’s stock valued at $3,166,000 after buying an additional 379,833 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in Newsmax during the 2nd quarter valued at about $123,000. Bank of New York Mellon Corp purchased a new position in Newsmax during the 2nd quarter valued at about $814,000. NewEdge Advisors LLC grew its position in Newsmax by 7.9% in the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock valued at $91,000 after acquiring an additional 1,282 shares in the last quarter. Finally, Entropy Technologies LP increased its stake in Newsmax by 54.7% during the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after purchasing an additional 12,480 shares during the period.

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.