Newsmax (NYSE:NMAX) Shares Down 7% – What’s Next?

Shares of Newsmax Inc. (NYSE:NMAX) traded down 7% on Monday . The company traded as low as $10.47 and last traded at $10.1120. 209,292 shares traded hands during trading, a decline of 84% from the average session volume of 1,332,270 shares. The stock had previously closed at $10.87.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated 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 Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.00.

Newsmax Stock Performance

The stock’s 50-day moving average price is $8.27 and its two-hundred day moving average price is $7.23. The stock has a market capitalization of $1.32 billion, a PE ratio of -15.40 and a beta of 2.55.

Newsmax (NYSE:NMAX) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $54.12 million during the quarter. On average, analysts predict that Newsmax Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Newsmax

A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC purchased a new stake in shares of Newsmax in the 3rd quarter worth approximately $26,000. Osterweis Capital Management Inc. purchased a new position in Newsmax during the second quarter valued at $32,000. Smartleaf Asset Management LLC purchased a new position in Newsmax during the fourth quarter valued at $32,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Newsmax in the second quarter worth $63,000. Finally, Tower Research Capital LLC TRC bought a new stake in Newsmax in the second quarter worth $76,000.

About Newsmax

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.