Newsmax (NYSE:NMAX) Shares Down 7.3% – Here’s Why

Newsmax Inc. (NYSE:NMAX) shares were down 7.3% on Monday . The company traded as low as $7.22 and last traded at $7.2110. Approximately 160,560 shares were traded during trading, a decline of 89% from the average session volume of 1,416,482 shares. The stock had previously closed at $7.78.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Newsmax in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.50.

Newsmax Price Performance

The stock has a market capitalization of $949.33 million, a PE ratio of -11.14 and a beta of 2.93. The stock’s fifty day moving average is $7.42 and its 200-day moving average is $7.23.

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

Hedge Funds Weigh In On Newsmax

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC increased its holdings in Newsmax by 7.9% in the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after acquiring an additional 1,282 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Newsmax by 15.1% during the fourth quarter. Foundations Investment Advisors LLC now owns 13,048 shares of the company’s stock worth $101,000 after acquiring an additional 1,711 shares during the period. Cetera Investment Advisers lifted its holdings in Newsmax by 5.1% during the first quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock valued at $184,000 after purchasing an additional 1,725 shares in the last quarter. Advisory Services Network LLC purchased a new position in Newsmax during the third quarter valued at $26,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Newsmax in the second quarter valued at about $32,000.

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.