Newsmax (NYSE:NMAX) Major Shareholder Sells 22,000 Shares

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 22,000 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total value of $243,540.00. Following the transaction, the insider directly owned 21,965,639 shares of the company’s stock, valued at $243,159,623.73. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, September 21st, Conyers Investments Llc sold 14,251 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total transaction of $157,046.02.
• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The shares were sold at an average price of $11.15, for a total value of $552,906.20.
• 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 shares were sold at an average price of $11.03, for a total value of $269,661.44.
• On Wednesday, September 2nd, Conyers Investments Llc sold 53,500 shares of Newsmax stock. The stock was 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 stock was sold at an average price of $11.04, for a total transaction of $147,384.00.
• On Friday, August 21st, Conyers Investments Llc sold 32,416 shares of Newsmax stock. The shares were sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Price Performance

Shares of NYSE NMAX traded down $0.46 during trading on Wednesday, reaching $10.75. 171,534 shares of the stock traded hands, compared to its average volume of 1,329,359. The stock has a market capitalization of $1.39 billion, a P/E ratio of -214.22 and a beta of 2.72. Newsmax Inc. has a 52-week low of $5.11 and a 52-week high of $13.25. The company has a 50-day moving average of $9.67 and a 200-day moving average of $8.11.

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

Hedge Funds Weigh In On Newsmax

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new stake in shares of Newsmax during the second quarter worth about $67,000. Caitong International Asset Management Co. Ltd acquired a new position in Newsmax during the 4th quarter worth $70,000. Arizona State Retirement System acquired a new stake in Newsmax in the second quarter valued at $98,000. Allworth Financial LP lifted its holdings in Newsmax by 55.4% during the 2nd quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock worth $99,000 after buying an additional 4,270 shares during the last quarter. Finally, Apollon Wealth Management LLC purchased a new position in shares of Newsmax in the 1st quarter valued at about $65,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. Wall Street Zen cut Newsmax from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Newsmax Company Profile

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.