Insider Selling: Newsmax (NYSE:NMAX) Major Shareholder Sells $147,384.00 in Stock

Newsmax Inc. (NYSE:NMAX) major shareholder Conyers Investments Llc sold 13,350 shares of Newsmax stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $11.04, for a total transaction of $147,384.00. Following the transaction, the insider owned 22,749,589 shares of the company’s stock, valued at $251,155,462.56. This represents a 0.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more 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 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 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 transaction of $357,224.32.

Newsmax Stock Performance

Newsmax stock opened at $10.98 on Thursday. Newsmax Inc. has a fifty-two week low of $5.11 and a fifty-two week high of $14.28. The firm’s 50-day simple moving average is $8.99 and its 200 day simple moving average is $7.62. The stock has a market cap of $1.42 billion, a PE ratio of -219.60 and a beta of 2.72.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NMAX. Geode Capital Management LLC bought a new stake in Newsmax in the 2nd quarter valued at about $1,425,000. Cetera Investment Advisers purchased a new position in shares of Newsmax in the second quarter worth about $249,000. JPMorgan Chase & Co. purchased a new position in shares of Newsmax in the second quarter worth about $338,000. New York State Common Retirement Fund bought a new stake in shares of Newsmax in the second quarter valued at approximately $117,000. Finally, Jump Financial LLC bought a new stake in shares of Newsmax in the second quarter valued at approximately $334,000.

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.