Newsmax (NYSE:NMAX) Shares Down 4% – Should You Sell?
by Scott Moore · The Cerbat GemNewsmax Inc. (NYSE:NMAX – Get Free Report) fell 4% during trading on Wednesday . The company traded as low as $6.06 and last traded at $6.1030. 622,565 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 890,102 shares. The stock had previously closed at $6.36.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Newsmax in a report on Monday, December 29th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $21.50.
View Our Latest Stock Report on NMAX
Newsmax Stock Down 6.0%
The stock has a market cap of $771.94 million and a PE ratio of -5.15. The stock’s fifty day moving average price is $6.70 and its 200 day moving average price is $8.82.
Institutional Trading of Newsmax
Several institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new position in shares of Newsmax in the second quarter worth $25,000. Advisory Services Network LLC purchased a new stake in shares of Newsmax during the third quarter valued at $26,000. Osterweis Capital Management Inc. purchased a new stake in shares of Newsmax during the second quarter valued at $32,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Newsmax in the 2nd quarter worth about $32,000. Finally, Harbor Investment Advisory LLC raised its position in Newsmax by 139.8% in the 3rd quarter. Harbor Investment Advisory LLC now owns 2,398 shares of the company’s stock worth $30,000 after buying an additional 1,398 shares during 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.