Newsmax (NYSE:NMAX) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Newsmax Inc. (NYSE:NMAX)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $8.02 and traded as high as $8.13. Newsmax shares last traded at $8.0850, with a volume of 677,404 shares.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a report on Friday, October 2nd. Freedom Broker raised shares of Newsmax to a “hold” rating in a report on Wednesday, October 14th. Finally, Wall Street Zen cut shares of Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

Newsmax Price Performance

The business’s 50-day moving average is $10.01 and its two-hundred day moving average is $8.02.

Newsmax (NYSE:NMAX) last issued its quarterly earnings data 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 firm had revenue of $54.12 million during the quarter. Research analysts predict that Newsmax Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Newsmax

In other news, major shareholder Conyers Investments Llc sold 282,063 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the transaction, the insider owned 22,051,478 shares of the company’s stock, valued at $254,694,570.90. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 494,886 shares of company stock worth $5,611,995 over the last quarter. Company insiders own 61.03% of the company’s stock.

Institutional Trading of Newsmax

A number of large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Newsmax by 5.0% in the first quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock worth $578,000 after acquiring an additional 5,283 shares in the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock valued at $218,000 after purchasing an additional 2,697 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Newsmax by 5.1% during the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after purchasing an additional 1,725 shares in the last quarter. Entropy Technologies LP lifted its holdings in shares of Newsmax by 54.7% during the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock valued at $184,000 after purchasing an additional 12,480 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Newsmax by 49.7% in the 2nd quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock valued at $216,000 after purchasing an additional 8,659 shares during the period.

Newsmax Company Profile

Newsmax, Inc is a multimedia company that operates a news and information platform serving audiences primarily in the United States. Its business combines television, digital media and publishing, with programming and content focused on news, politics, business, finance, health and lifestyle topics.

The company’s principal products and services include Newsmax TV, its national television network; Newsmax.com, its digital news and information website; and Newsmax Magazine. It distributes content through television, websites, mobile and digital platforms, and other media channels, offering both live and on-demand programming as well as written articles and video content.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer.