Newsmax (NYSE:NMAX) Trading 10% Higher – Here’s What Happened

Newsmax Inc. (NYSE:NMAX)’s share price traded up 10% during mid-day trading on Tuesday . The stock traded as high as $11.21 and last traded at $11.3970. 168,752 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 1,335,218 shares. The stock had previously closed at $10.36.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Newsmax in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.00.

Newsmax Price Performance

The business’s 50 day simple moving average is $8.38 and its 200-day simple moving average is $7.31. The stock has a market capitalization of $1.41 billion, a P/E ratio of -218.80 and a beta of 2.55.

Newsmax (NYSE:NMAX) last issued its earnings results on Thursday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.05. Newsmax had a negative net margin of 3.15% and a negative return on equity of 8.28%. The company had revenue of $54.12 million during the quarter. Research analysts anticipate that Newsmax Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Newsmax

Institutional investors and hedge funds have recently modified their holdings of the stock. Greenwich Wealth Management LLC bought a new position in Newsmax during the 4th quarter worth approximately $176,208,000. State Street Corp raised its holdings in Newsmax by 520.9% in 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 period. Geode Capital Management LLC raised its holdings in Newsmax by 329.1% in 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 period. Goldman Sachs Group Inc. boosted 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 in the last quarter. Finally, UBS Group AG boosted 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 in 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.