Newsmax (NYSE:NMAX) Shares Down 9.7% – Here’s What Happened

Shares of Newsmax Inc. (NYSE:NMAX) fell 9.7% during mid-day trading on Wednesday . The company traded as low as $8.12 and last traded at $8.18. 271,413 shares changed hands during trading, a decline of 81% from the average session volume of 1,412,449 shares. The stock had previously closed at $9.06.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Newsmax in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $21.50.

Newsmax Stock Down 7.8%

The business has a 50-day moving average of $6.63 and a two-hundred day moving average of $7.20. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -12.65 and a beta of 2.93.

Newsmax (NYSE:NMAX) last released its quarterly earnings data on Thursday, March 26th. The company reported $0.04 earnings per share for the quarter. The company had revenue of $52.24 million for the quarter. Newsmax had a negative return on equity of 81.14% and a negative net margin of 43.17%. Equities analysts predict that Newsmax Inc. will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Newsmax

Institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new stake in Newsmax during the third quarter valued at approximately $26,000. Osterweis Capital Management Inc. bought a new position in shares of Newsmax in the second quarter valued at approximately $32,000. Smartleaf Asset Management LLC bought a new position in shares of Newsmax in the fourth quarter valued at approximately $32,000. Russell Investments Group Ltd. raised its stake in shares of Newsmax by 559.0% in the fourth quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $47,000 after acquiring an additional 5,171 shares during the last quarter. Finally, GS Investments Inc. bought a new position in shares of Newsmax in the third quarter valued at approximately $58,000.

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.