Why Newsmax Stock Is Sinking Today
Shares of Newsmax (NYSE: NMAX) are plunging on Thursday. The media company's stock lost 9% as of 3:50 p.m. ET. The steep decline comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 0.3% and 0.8%, respectively.
There isn't a direct catalyst today, so here's a quick analysis of the company's stock.
Newsmax saw its stock skyrocket nearly 1,800% in the first two days following its recent initial public offering (IPO), before falling roughly 90% over the next week. The conservative media company's viewership has been spiking, leading to the intense excitement around its stock. Newsmax's Q1 viewership jumped 50% year over year, and it is now one of the five most-watched channels in all of cable and the fourth-most-watched cable news channel. Along with its viewership, its revenue has grown considerably as well. The company's revenue jumped 26.4% from 2023 to 2024.
Source Fool.com
