Newsmax (NYSE:NMAX) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Newsmax (NYSE:NMAX) from a buy rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on NMAX. Freedom Broker upgraded shares of Newsmax to a “hold” rating in a research note on Wednesday, October 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Newsmax in a research note on Friday, October 2nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Newsmax presently has a consensus rating of “Reduce”.

Newsmax Trading Down 6.1%

NMAX stock opened at $8.21 on Friday. The business’s fifty day moving average price is $10.40 and its 200 day moving average price is $8.55. Newsmax has a 12-month low of $5.11 and a 12-month high of $12.11.

Newsmax (NYSE:NMAX) last announced its earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating 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 company had revenue of $54.12 million during the quarter. As a group, equities analysts anticipate that Newsmax will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Newsmax

In related news, major shareholder Conyers Investments Llc sold 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $11.07, for a total transaction of $243,540.00. Following the completion of the sale, the insider owned 21,965,639 shares in the company, valued at $243,159,623.73. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 494,886 shares of company stock worth $5,611,995. 61.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newsmax

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NMAX. Bank of New York Mellon Corp raised its holdings in Newsmax by 5.0% during the first quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock worth $578,000 after purchasing an additional 5,283 shares in the last quarter. Kestra Advisory Services LLC lifted its position 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 worth $218,000 after buying an additional 2,697 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Newsmax by 5.1% in the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after buying an additional 1,725 shares in the last quarter. Entropy Technologies LP boosted its holdings in shares of Newsmax by 54.7% in the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock valued at $184,000 after buying an additional 12,480 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Newsmax in the 4th quarter valued at $230,000.

About Newsmax

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

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