Newsmax (NYSE:NMAX) Now Covered by Noble Financial

Noble Financial assumed coverage on shares of Newsmax (NYSE:NMAX) in a research report sent to investors on Friday,Zacks reports. The firm issued a strong-buy rating on the stock.

A number of other research analysts have also issued reports on the stock. Freedom Capital upgraded shares of Newsmax from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a research note on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a report on Friday, October 2nd. Freedom Broker raised Newsmax from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Friday. Finally, Wall Street Zen lowered Newsmax from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Newsmax presently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Newsmax Price Performance

Newsmax stock traded up $2.28 during midday trading on Friday, reaching $9.57. The company’s stock had a trading volume of 5,071,443 shares, compared to its average volume of 721,365. The stock’s 50-day simple moving average is $9.45 and its 200-day simple moving average is $8.03. Newsmax has a 52-week low of $5.11 and a 52-week high of $12.11. The stock has a market capitalization of $1.24 billion, a P/E ratio of -191.48 and a beta of 2.71.

Newsmax (NYSE:NMAX) last issued its quarterly earnings results on Thursday, November 12th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.14. The business had revenue of $55.00 million for the quarter. Newsmax had a return on equity of 10.45% and a net margin of 5.70%. As a group, equities research analysts expect that Newsmax will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Newsmax

In other news, major shareholder Conyers Investments Llc sold 22,000 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $11.07, for a total value of $243,540.00. Following the sale, the insider owned 21,965,639 shares in the company, valued at $243,159,623.73. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 494,886 shares of company stock valued at $5,611,995. 61.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NMAX. Bank of New York Mellon Corp purchased a new position in Newsmax in the second quarter valued at $814,000. Ieq Capital LLC boosted its stake in shares of Newsmax by 3.1% during the 3rd quarter. Ieq Capital LLC now owns 184,906 shares of the company’s stock worth $1,999,000 after acquiring an additional 5,630 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new stake in shares of Newsmax during the 3rd quarter valued at about $25,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Newsmax during the 2nd quarter valued at about $67,000. Finally, NewEdge Advisors LLC boosted its position in Newsmax by 49.7% during the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock worth $216,000 after purchasing an additional 8,659 shares in the last quarter.

Top Newsmax Stories

These are some of the NMAX stories that stood out recently:

• 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.