Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $157,046.02 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 14,251 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $11.02, for a total transaction of $157,046.02. Following the completion of the sale, the insider directly owned 21,987,639 shares of the company’s stock, valued at $242,303,781.78. This represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 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 Wednesday, September 23rd, Conyers Investments Llc sold 350 shares of Newsmax stock. The shares were sold at an average price of $11.03, for a total value of $3,860.50.
• On Tuesday, September 22nd, Conyers Investments Llc sold 22,000 shares of Newsmax stock. The shares were sold at an average price of $11.07, for a total value of $243,540.00.
• On Tuesday, September 15th, Conyers Investments Llc sold 49,588 shares of Newsmax stock. The stock was sold at an average price of $11.15, for a total transaction of $552,906.20.
• On Monday, September 14th, Conyers Investments Llc sold 282,063 shares of Newsmax stock. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65.
• On Friday, September 11th, Conyers Investments Llc sold 288 shares of Newsmax stock. The stock was sold at an average price of $11.70, for a total value of $3,369.60.
• On Thursday, September 10th, Conyers Investments Llc sold 24,448 shares of Newsmax stock. The stock was sold at an average price of $11.03, for a total transaction 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 transaction of $590,105.00.
• On Friday, August 28th, Conyers Investments Llc sold 13,350 shares of Newsmax stock. The shares were sold at an average price of $11.04, for a total value 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 value of $357,224.32.

Newsmax Price Performance

Shares of Newsmax stock opened at $10.89 on Friday. Newsmax Inc. has a 52-week low of $5.11 and a 52-week high of $13.18. The firm has a market capitalization of $1.41 billion, a PE ratio of -217.86 and a beta of 2.72. The company’s fifty day moving average price is $9.82 and its two-hundred day moving average price is $8.17.

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

Hedge Funds Weigh In On Newsmax

Several hedge funds have recently added to or reduced their stakes in NMAX. Greenwich Wealth Management LLC bought a new position in Newsmax during the fourth quarter worth about $176,208,000. Bank of New York Mellon Corp bought a new stake in shares of Newsmax in the 2nd quarter valued at about $814,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Newsmax in the 4th quarter valued at about $230,000. Aristides Capital LLC acquired a new stake in shares of Newsmax in the 4th quarter valued at approximately $162,000. Finally, Abel Hall LLC acquired a new stake in shares of Newsmax in the 1st quarter valued at approximately $100,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NMAX. Wall Street Zen lowered shares of Newsmax from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

Key Headlines Impacting Newsmax

Here are the key news stories impacting Newsmax this week:

• Positive Sentiment: Newsmax Chief Executive Christopher Ruddy is reportedly urging the U.S. Department of Justice to block Fox’s proposed $22 billion acquisition of Roku. Newsmax could potentially benefit from reduced competition in digital video and streaming distribution if regulators stop the transaction, although the company has not announced any direct financial benefit. Newsmax pressures DOJ to block Fox’s $22B Roku deal
• Neutral Sentiment: The DOJ lobbying is primarily a strategic and competitive development, and its impact on Newsmax’s revenue or earnings is uncertain. The proposed Fox-Roku transaction and any regulatory review could take considerable time. Newsmax pressures DOJ to block Fox-Roku deal
• Negative Sentiment: Conyers Investments LLC, a major Newsmax shareholder, disclosed additional sales of 14,251 shares for approximately $157,000, 22,000 shares for about $244,000 and 350 shares for roughly $3,861. Although the transactions represent only a small reduction in its ownership and Conyers still holds nearly 22 million shares, the repeated selling may weigh on sentiment and increase near-term supply. Newsmax major shareholder sells stock
• Negative Sentiment: Newsmax’s investment case remains pressured by losses: analysts expect a full-year loss of roughly $0.02 per share, while the company recently reported a negative net margin and negative return on equity. Recent analyst commentary includes a downgrade to “Hold” and a broader consensus “Sell” rating. Newsmax IPO valuation and growth analysis

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.