Newsmax (NYSE:NMAX) Stock Price Down 5.3% – What’s Next?

Newsmax Inc. (NYSE:NMAX)’s stock price dropped 5.3% on Friday . The stock traded as low as $8.23 and last traded at $8.2950. Approximately 346,155 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 1,421,257 shares. The stock had previously closed at $8.76.

Wall Street Analysts Forecast Growth

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

Newsmax Stock Down 4.6%

The stock has a fifty day simple moving average of $7.11 and a 200-day simple moving average of $7.26. The stock has a market cap of $1.08 billion, a P/E ratio of -12.68 and a beta of 2.93.

Newsmax (NYSE:NMAX) last released its quarterly earnings results on Thursday, March 26th. The company reported $0.04 EPS 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%. Sell-side analysts anticipate that Newsmax Inc. will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Newsmax

Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC acquired a new stake in shares of Newsmax during the third quarter worth about $26,000. Osterweis Capital Management Inc. acquired a new stake in shares of Newsmax during the second quarter worth about $32,000. Smartleaf Asset Management LLC bought a new position in shares of Newsmax during the fourth quarter worth about $32,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Newsmax in the 2nd quarter valued at approximately $63,000. Finally, GS Investments Inc. acquired a new stake in Newsmax in the 3rd 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.