Short Interest in Newsmax Inc. (NYSE:NMAX) Grows By 30.5%
by Doug Wharley · The Cerbat GemNewsmax Inc. (NYSE:NMAX – Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 7,449,756 shares, an increase of 30.5% from the March 15th total of 5,709,250 shares. Currently, 14.8% of the company’s stock are short sold. Based on an average daily volume of 1,084,609 shares, the days-to-cover ratio is presently 6.9 days.
Newsmax Stock Performance
Shares of Newsmax stock traded up $0.08 on Friday, hitting $6.93. The company had a trading volume of 570,787 shares, compared to its average volume of 964,611. The stock has a market capitalization of $894.29 million and a price-to-earnings ratio of -5.97. Newsmax has a 1 year low of $5.11 and a 1 year high of $27.49. The stock has a 50 day moving average of $6.24 and a 200-day moving average of $8.02.
Newsmax (NYSE:NMAX – Get Free Report) last issued its quarterly earnings data on Thursday, March 26th. The company reported $0.04 EPS for the quarter. The firm had revenue of $52.24 million during the quarter. Newsmax had a negative return on equity of 82.25% and a negative net margin of 52.57%.
Analysts Set New Price Targets
Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Newsmax in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Newsmax has a consensus rating of “Hold” and an average price target of $21.50.
Read Our Latest Report on NMAX
Institutional Trading of Newsmax
A number of hedge funds have recently bought and sold shares of NMAX. Allegheny Financial Group purchased a new stake in Newsmax in the first quarter worth $69,000. Caitong International Asset Management Co. Ltd purchased a new stake in Newsmax in the fourth quarter worth $230,000. Aristides Capital LLC purchased a new stake in Newsmax in the fourth quarter worth $162,000. Virtu Financial LLC purchased a new stake in Newsmax in the fourth quarter worth $378,000. Finally, Invesco Ltd. purchased a new stake in Newsmax in the fourth quarter worth $105,000.
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.