Newsmax (NYSE:NMAX) Stock Crosses Below Two Hundred Day Moving Average – Time to Sell?

Newsmax Inc. (NYSE:NMAX)’s share price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.03 and traded as low as $7.34. Newsmax shares last traded at $7.4150, with a volume of 973,520 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. Wall Street Zen lowered Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Finally, Freedom Broker raised Newsmax to a “hold” rating in a research note on Wednesday, October 14th. One investment 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 price is $9.72 and its two-hundred day moving average price is $8.02. The company has a market capitalization of $948.68 million, a P/E ratio of -146.90 and a beta of 2.71.

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

Insider Transactions at Newsmax

In other Newsmax news, major shareholder Conyers Investments Llc sold 282,063 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the sale, the insider directly owned 22,051,478 shares in the company, valued at $254,694,570.90. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 494,886 shares of company stock valued at $5,611,995 over the last ninety days. 61.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newsmax

Institutional investors have recently modified their holdings of the business. Provenance Wealth Advisors LLC acquired a new stake in Newsmax during the 3rd quarter worth approximately $25,000. Integrated Wealth Concepts LLC acquired a new position in shares of Newsmax in the second quarter valued at approximately $67,000. NewEdge Advisors LLC boosted its holdings in shares of Newsmax by 49.7% in the second quarter. NewEdge Advisors LLC now owns 26,074 shares of the company’s stock valued at $216,000 after buying an additional 8,659 shares during the period. Allworth Financial LP increased its position in shares of Newsmax by 55.4% during the second quarter. Allworth Financial LP now owns 11,983 shares of the company’s stock worth $99,000 after acquiring an additional 4,270 shares in the last quarter. Finally, Arizona State Retirement System bought a new stake in shares of Newsmax during the second quarter worth $98,000.

About Newsmax

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.