Where Will Newsmax Stock Be in 1 Year?
Love him or hate him, Donald Trump's presidency has hugely impacted financial markets, boosting a slew of companies that aim to capitalize on the sentiments that spurred his election victory. Newsmax (NYSE: NMAX) is an excellent example of this phenomenon.
Shares soared 2,230% after an initial public offering (IPO) on March 31 -- giving it a market cap of almost $30 billion briefly putting it ahead of industry titan Fox Corp., which owns Fox News. However, Newsmax quickly gave back most of these gains, trading at around $50 (market cap of $4.5 billion) by 2 p.m. (Eastern Time) on Monday. Let's dig deeper to determine how the stock might fare over the next 12 months.
There is a growing popularity of conservative media in the United States, especially among young people. And the numbers suggest this trend could have a significant impact on the performance of media and entertainment-related stocks.
Source Fool.com
