Newsmax (NYSE:NMAX) Sees Strong Trading Volume – Should You Buy?

Shares of Newsmax Inc. (NYSE:NMAX) saw strong trading volume on Tuesday . 1,198,765 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 1,348,942 shares.The stock last traded at $7.6380 and had previously closed at $7.73.

Wall Street Analysts Forecast Growth

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

Newsmax Price Performance

The firm’s fifty day moving average is $8.19 and its two-hundred day moving average is $7.14. The firm has a market capitalization of $984.33 million, a PE ratio of -11.55 and a beta of 2.65.

Hedge Funds Weigh In On Newsmax

A number of hedge funds and other institutional investors have recently modified their holdings of NMAX. NewEdge Advisors LLC lifted its holdings in shares of Newsmax by 7.9% in the first quarter. NewEdge Advisors LLC now owns 17,415 shares of the company’s stock worth $91,000 after buying an additional 1,282 shares in the last quarter. Entropy Technologies LP grew its stake in Newsmax by 54.7% during the first quarter. Entropy Technologies LP now owns 35,280 shares of the company’s stock valued at $184,000 after acquiring an additional 12,480 shares in the last quarter. Cetera Investment Advisers increased its holdings in 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 acquiring an additional 1,725 shares during the period. Bank of New York Mellon Corp lifted its stake in Newsmax by 5.0% in 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 in the last quarter. Finally, Kestra Advisory Services LLC lifted its stake in Newsmax by 6.9% in 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 in the last quarter.

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.