Newsmax (NYSE:NMAX) Trading Up 10% – What’s Next?

Shares of Newsmax Inc. (NYSE:NMAX) traded up 10% on Wednesday . The stock traded as high as $7.28 and last traded at $7.27. 321,282 shares were traded during mid-day trading, a decline of 66% from the average session volume of 950,668 shares. The stock had previously closed at $6.61.

Analyst Ratings Changes

NMAX has been the subject of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Newsmax in a report on Monday, December 29th. Wall Street Zen upgraded shares of Newsmax from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.50.

Newsmax Stock Up 6.9%

The company’s 50-day simple moving average is $6.91 and its 200 day simple moving average is $9.54. The firm has a market capitalization of $995.59 million and a PE ratio of -6.65.

Institutional Trading of Newsmax

Institutional investors have recently made changes to their positions in the business. Greenwich Wealth Management LLC purchased a new position in Newsmax during the 4th quarter worth $176,208,000. State Street Corp grew its stake 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 acquiring an additional 527,126 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 valued at $4,441,000 after acquiring an additional 440,577 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Newsmax by 1,033.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 458,679 shares of the company’s stock valued at $3,546,000 after purchasing an additional 418,199 shares during the last quarter. Finally, UBS Group AG grew its position in Newsmax by 4,495.3% during the 4th 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.