Newsmax (NYSE:NMAX) Shares Gap Up – Here’s Why

Newsmax Inc. (NYSE:NMAX) gapped up before the market opened on Friday . The stock had previously closed at $14.47, but opened at $14.99. Newsmax shares last traded at $14.76, with a volume of 452,254 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Maxim Group assumed coverage on Newsmax in a research report on Thursday, July 24th. They set a “buy” rating and a $20.00 price target on the stock. Wall Street Zen lowered Newsmax from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Noble Financial assumed coverage on Newsmax in a research report on Thursday. They set an “outperform” rating and a $23.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $21.50.

Newsmax Trading Up 4.8%

The stock has a 50-day moving average of $13.56.

Newsmax (NYSE:NMAX) last posted its quarterly earnings data on Tuesday, August 19th. The company reported ($0.59) earnings per share for the quarter. The company had revenue of $46.44 million for the quarter. Newsmax has set its FY 2025 guidance at EPS.

Hedge Funds Weigh In On Newsmax

Hedge funds and other institutional investors have recently bought and sold shares of the business. Woodard & Co. Asset Management Group Inc. ADV bought a new position in Newsmax in the first quarter valued at approximately $217,000. Allworth Financial LP bought a new position in Newsmax in the first quarter valued at approximately $89,000. Flagship Harbor Advisors LLC bought a new position in Newsmax in the first quarter valued at approximately $551,000. Golden State Wealth Management LLC bought a new position in Newsmax in the first quarter valued at approximately $39,000. Finally, North Star Investment Management Corp. bought a new position in Newsmax in the second quarter valued at approximately $51,000.

Newsmax Company Profile

Newsmax Inc is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc (“Newsmax Media”). Newsmax Media and its subsidiaries operate the businesses described in this Offering Circular. Newsmax Media has six wholly-owned subsidiaries: Newsmax Broadcasting, LLC, a Florida limited liability company (“Newsmax Broadcasting”), Crown Atlantic Insurance, LLC, a Florida limited liability company (“Crown Atlantic”), Humanix Publishing, LLC, a Florida limited liability company (“Humanix Publishing”), Medix Health LLC, a Florida limited liability company (“Medix Health”), ROI Media Strategies, LLC, a Florida limited liability company (“ROI Media Strategies”), and Newsmax Radio LLC, a Florida limited liability company (“Newsmax Radio,” and together with Newsmax Media, Newsmax Broadcasting, Crown Atlantic Insurance, Humanix Publishing, Medix Health, and ROI Media Strategies, the “Subsidiaries”).