Newsmax (NYSE:NMAX) Stock Price Down 9.7% – Time to Sell?

Newsmax Inc. (NYSE:NMAX) fell 9.7% during trading on Wednesday . The company traded as low as $8.12 and last traded at $8.18. 271,413 shares changed hands during trading, a decline of 81% from the average session volume of 1,412,449 shares. The stock had previously closed at $9.06.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Newsmax in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.50.

Newsmax Trading Up 12.1%

The stock has a market cap of $1.24 billion, a P/E ratio of -14.54 and a beta of 2.93. The firm’s fifty day moving average is $6.77 and its 200 day moving average is $7.21.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC increased its holdings in shares of Newsmax by 7.9% during the 1st quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after purchasing an additional 1,282 shares during the period. Entropy Technologies LP increased its holdings in shares of Newsmax by 54.7% during the 1st quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock worth $184,000 after purchasing an additional 12,480 shares during the period. Cetera Investment Advisers increased its holdings in shares of Newsmax by 5.1% during the 1st quarter. Cetera Investment Advisers now owns 35,302 shares of the company’s stock worth $184,000 after purchasing an additional 1,725 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Newsmax by 5.0% during the 1st quarter. Bank of New York Mellon Corp now owns 110,775 shares of the company’s stock worth $578,000 after purchasing an additional 5,283 shares during the period. Finally, Kestra Advisory Services LLC increased its holdings in shares of Newsmax by 6.9% during the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock worth $218,000 after purchasing an additional 2,697 shares during the period.

About Newsmax

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.