Conyers Investments Llc Sells 53,500 Shares of Newsmax (NYSE:NMAX) Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 53,500 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $11.03, for a total transaction of $590,105.00. Following the completion of the transaction, the insider owned 22,696,089 shares of the company’s stock, valued at $250,337,861.67. This represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% 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 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 stock was sold at an average price of $11.02, for a total transaction of $357,224.32.

Newsmax Price Performance

Newsmax stock traded up $0.59 during mid-day trading on Wednesday, reaching $10.98. The company had a trading volume of 1,324,781 shares, compared to its average volume of 1,325,799. Newsmax Inc. has a 1 year low of $5.11 and a 1 year high of $14.28. The company has a market capitalization of $1.42 billion, a P/E ratio of -219.60 and a beta of 2.70. The stock’s 50-day simple moving average is $8.91 and its 200-day simple moving average is $7.58.

Newsmax (NYSE:NMAX) last posted its quarterly earnings results 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. The company 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%. On average, equities analysts forecast that Newsmax Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NMAX. California State Teachers Retirement System grew its holdings in Newsmax by 14,773.7% during the 2nd quarter. California State Teachers Retirement System now owns 382,404 shares of the company’s stock valued at $3,166,000 after buying an additional 379,833 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in Newsmax in the 2nd quarter valued at about $123,000. Bank of New York Mellon Corp acquired a new position in shares of Newsmax in the second quarter valued at approximately $814,000. NewEdge Advisors LLC lifted its stake in shares of Newsmax by 7.9% during the first quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock valued at $91,000 after buying an additional 1,282 shares during the period. Finally, Entropy Technologies LP boosted its position in Newsmax by 54.7% during the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after acquiring an additional 12,480 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Newsmax presently has a consensus rating of “Sell”.

About Newsmax

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.