Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells 49,588 Shares

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 49,588 shares of Newsmax stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $11.15, for a total value of $552,906.20. Following the transaction, the insider owned 22,001,890 shares of the company’s stock, valued at approximately $245,321,073.50. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Conyers Investments Llc also recently made the following trade(s):

• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The shares were sold at an average price of $11.55, for a total transaction of $3,257,827.65.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The shares were sold at an average price of $11.70, for a total transaction of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The stock was sold at an average price of $11.03, for a total transaction of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The shares were sold at an average price of $11.04, for a total value of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Trading Up 1.2%

NMAX traded up $0.12 during midday trading on Wednesday, hitting $10.89. 134,900 shares of the company traded hands, compared to its average volume of 1,314,755. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -217.90 and a beta of 2.72. The business has a 50 day simple moving average of $9.45 and a two-hundred day simple moving average of $7.96. Newsmax Inc. has a 52-week low of $5.11 and a 52-week high of $13.60.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Apollon Wealth Management LLC purchased a new stake in Newsmax in the first quarter worth $65,000. Integrated Wealth Concepts LLC purchased a new stake in Newsmax in the 2nd quarter worth approximately $67,000. Allegheny Financial Group purchased a new position in shares of Newsmax during the 1st quarter valued at $69,000. Caitong International Asset Management Co. Ltd bought a new stake in Newsmax during the fourth quarter valued at about $70,000. Finally, NewEdge Advisors LLC grew its position in shares of 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 in the last quarter.

Wall Street Analyst Weigh In

NMAX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Newsmax from a “hold” rating to a “buy” rating in a report on Saturday, September 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research note on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

About Newsmax

Newsmax, Inc is a multimedia news and information company that operates a conservative-oriented media platform serving audiences primarily in the United States. Its businesses include digital publishing, television broadcasting and related media products.

The company operates Newsmax.com, which publishes news, political commentary, business coverage, financial information and lifestyle content. It also operates Newsmax TV, a television network available through distribution partners and digital platforms, and offers streaming access and other subscription-based digital services.