Where Will Newsmax Stock Be in 3 Years?
Newsmax (NYSE: NMAX) stock has been on a roller-coaster ride since its initial public offering (IPO) on April 1. After starting with an IPO price of just $10 per share, it quickly rocketed above $250 -- after opening on April 1 at $126 -- before falling back to $29 at the time of this writing. The excitement surrounding the stock reflects a broader social trend toward conservative media. But is Newsmax a good way to bet on it? Let's dig deeper to see what the next three years could have in store.
While it is too early to draw long-term conclusions, Donald Trump's popularity has corresponded with changing consumer preferences in media. Conservative media giant Fox News saw average primetime viewership surge 46% year over year to 3.01 million in the first quarter, while left-leaning rivals MSNBC and CNN saw average viewership drop 18% and 6%, respectively (to 1.02 million and 558,000), according to a Deadline article.
While Newsmax hasn't published its first-quarter viewership numbers, management has said that primteime viewership rose 20% in the period and it is "the fourth highest-rated cable news channel, according to Nielsen."
Source Fool.com
