Newsmax (NYSE:NMAX) Trading 8.4% Higher – Time to Buy?

Newsmax Inc. (NYSE:NMAX) traded up 8.4% on Thursday . The stock traded as high as $9.17 and last traded at $9.28. 136,394 shares were traded during mid-day trading, a decline of 90% from the average session volume of 1,414,808 shares. The stock had previously closed at $8.56.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Newsmax in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.50.

Newsmax Price Performance

The firm has a fifty day moving average price of $6.84 and a two-hundred day moving average price of $7.23. The stock has a market capitalization of $1.18 billion, a PE ratio of -13.83 and a beta of 2.93.

Newsmax (NYSE:NMAX) last issued its quarterly earnings results on Thursday, March 26th. The company reported $0.04 earnings per share for the quarter. Newsmax had a negative return on equity of 81.14% and a negative net margin of 43.17%.The firm had revenue of $52.24 million for the quarter. On average, research analysts expect that Newsmax Inc. will post -0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NMAX. Greenwich Wealth Management LLC purchased a new position in Newsmax during the 4th quarter worth $176,208,000. State Street Corp increased its holdings in Newsmax by 520.9% during the 4th quarter. State Street Corp now owns 628,315 shares of the company’s stock worth $4,857,000 after purchasing an additional 527,126 shares during the period. Geode Capital Management LLC increased its holdings in Newsmax by 329.1% during the 4th quarter. Geode Capital Management LLC now owns 574,465 shares of the company’s stock worth $4,441,000 after purchasing an additional 440,577 shares during the period. Goldman Sachs Group Inc. increased its holdings in Newsmax by 1,033.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 458,679 shares of the company’s stock worth $3,546,000 after purchasing an additional 418,199 shares during the period. Finally, UBS Group AG increased its holdings in Newsmax by 4,495.3% during the 4th quarter. UBS Group AG now owns 421,342 shares of the company’s stock worth $3,257,000 after purchasing an additional 412,173 shares during the period.

Newsmax Company Profile

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.