Newsmax (NYSE:NMAX) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Newsmax (NYSE:NMAX) from a hold rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Newsmax in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Newsmax Trading Down 4.2%

Shares of NYSE:NMAX opened at $9.46 on Friday. The company has a market capitalization of $1.22 billion, a PE ratio of -189.10 and a beta of 2.56. Newsmax has a 12-month low of $5.11 and a 12-month high of $13.18. The business’s fifty day simple moving average is $10.06 and its 200-day simple moving average is $8.29.

Newsmax (NYSE:NMAX) last issued its quarterly earnings data 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. Newsmax had a negative return on equity of 8.28% and a negative net margin of 3.15%.The firm had revenue of $54.12 million during the quarter. Research analysts predict that Newsmax will post -0.02 EPS for the current year.

Insider Transactions at Newsmax

In other Newsmax news, major shareholder Conyers Investments Llc sold 282,063 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $11.55, for a total value of $3,257,827.65. Following the completion of the sale, the insider owned 22,051,478 shares of the company’s stock, valued at approximately $254,694,570.90. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 494,886 shares of company stock worth $5,611,995. Corporate insiders own 61.03% of the company’s stock.

Hedge Funds Weigh In On Newsmax

Several hedge funds have recently modified their holdings of NMAX. Bank of New York Mellon Corp acquired a new position in Newsmax during the 2nd quarter valued at approximately $814,000. NewEdge Advisors LLC lifted its stake in shares of Newsmax by 7.9% during 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 during the period. Entropy Technologies LP grew its holdings in shares of 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 buying an additional 12,480 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of 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 buying an additional 1,725 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its position in shares of Newsmax by 6.9% in the 1st quarter. Kestra Advisory Services LLC now owns 41,747 shares of the company’s stock valued at $218,000 after acquiring an additional 2,697 shares during the period.

Newsmax Company Profile

Newsmax, Inc is a media and communications company that operates Newsmax, a conservative news and information brand. Its businesses provide news, political commentary, analysis and lifestyle content through television, digital media and publishing platforms.

The company’s principal properties include Newsmax TV, a news and opinion television network distributed through pay-TV providers and streaming services, and Newsmax.com, its online news and information platform. Newsmax also offers content through mobile and connected-device applications, email newsletters, podcasts and social media channels, along with magazine and publishing products.

Newsmax was founded in 1998 by Christopher Ruddy, who serves as the company’s chief executive officer and chairman.