Newsmax (NYSE:NMAX) Stock Price Up 7.2% – Should You Buy?

Newsmax Inc. (NYSE:NMAX) shares were up 7.2% on Friday . The stock traded as high as $11.61 and last traded at $11.7720. 352,232 shares changed hands during trading, a decline of 73% from the average daily volume of 1,308,153 shares. The stock had previously closed at $10.98.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NMAX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. Wall Street Zen upgraded Newsmax from a “hold” rating to a “buy” rating in a report on Saturday, September 5th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Newsmax Stock Up 8.0%

The firm has a 50-day simple moving average of $9.31 and a 200 day simple moving average of $7.84. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -236.90 and a beta of 2.72.

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

Insider Buying and Selling at Newsmax

In other Newsmax news, major shareholder Conyers Investments Llc sold 53,500 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $11.03, for a total transaction of $590,105.00. Following the completion of the transaction, the insider owned 22,696,089 shares in the company, valued at $250,337,861.67. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 99,266 shares of company stock valued at $1,094,713 over the last three months. 61.03% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newsmax

Institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its stake in 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 purchasing an additional 1,282 shares during the last quarter. Foundations Investment Advisors LLC raised its position in shares of Newsmax by 15.1% in the fourth quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock worth $101,000 after buying an additional 1,711 shares in the last quarter. Cetera Investment Advisers increased its position in Newsmax by 5.1% during 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 during the period. Advisory Services Network LLC bought a new stake in shares of Newsmax in the third quarter worth approximately $26,000. Finally, Osterweis Capital Management Inc. purchased a new position in Newsmax in the 2nd quarter worth approximately $32,000.

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.