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

Newsmax Inc. (NYSE:NMAX) was up 8.4% during trading on Thursday . The company traded as high as $9.17 and last traded at $9.28. Approximately 136,394 shares were traded during trading, a decline of 90% from the average daily 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 research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.50.

Newsmax Price Performance

The company has a market capitalization of $1.24 billion, a P/E ratio of -14.48 and a beta of 2.93. The business has a 50-day moving average of $6.71 and a 200-day moving average of $7.20.

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

Institutional Trading of Newsmax

Several institutional investors and hedge funds have recently made changes to their positions in the business. Greenwich Wealth Management LLC bought a new stake in shares of Newsmax during the fourth quarter worth $176,208,000. State Street Corp lifted its position in shares of Newsmax by 520.9% during the fourth 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 last quarter. Geode Capital Management LLC lifted its position in shares of Newsmax by 329.1% during the fourth 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 last quarter. Goldman Sachs Group Inc. lifted its position in shares of Newsmax by 1,033.1% during the fourth 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 last quarter. Finally, UBS Group AG lifted its position in shares of Newsmax by 4,495.3% during the fourth 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 last quarter.

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.