Newsmax (NYSE:NMAX) Shares Gap Up – Still a Buy?

Newsmax Inc. (NYSE:NMAX)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $5.98, but opened at $6.90. Newsmax shares last traded at $5.7050, with a volume of 862,233 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Newsmax in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Newsmax presently has a consensus rating of “Hold” and a consensus price target of $21.50.

Newsmax Trading Down 2.1%

The company has a market capitalization of $756.05 million and a price-to-earnings ratio of -5.05. The company’s 50 day simple moving average is $6.59 and its 200-day simple moving average is $8.70.

Newsmax (NYSE:NMAX) last posted its quarterly earnings data on Thursday, March 26th. The company reported $0.04 earnings per share for the quarter. The business had revenue of $52.24 million during the quarter. Newsmax had a negative net margin of 55.99% and a negative return on equity of 255.61%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NMAX. Greenwich Wealth Management LLC acquired a new stake in shares of Newsmax during the fourth quarter worth $176,208,000. State Street Corp increased its stake in Newsmax by 520.9% in the fourth quarter. State Street Corp now owns 628,315 shares of the company’s stock valued at $4,857,000 after purchasing an additional 527,126 shares during the last quarter. Geode Capital Management LLC increased its stake in Newsmax by 329.1% in the fourth quarter. Geode Capital Management LLC now owns 574,465 shares of the company’s stock valued at $4,441,000 after purchasing an additional 440,577 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Newsmax by 1,033.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 458,679 shares of the company’s stock worth $3,546,000 after buying an additional 418,199 shares during the period. Finally, UBS Group AG boosted its stake in Newsmax by 4,495.3% in the 4th quarter. UBS Group AG now owns 421,342 shares of the company’s stock worth $3,257,000 after buying an additional 412,173 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.