Newsmax Stock Surge Continues on Day 2 After IPO, Up Another 50%
Talk about a decent encore: Newsmax's stock price jumped another 50% higher on Tuesday morning, one day after the right-leaning media company saw its share price run from $10 to $83 during its Wall Street debut.
The 50% increase in early-trading on Tuesday pushed Newsmax, which trades under the NMAX symbol on the New York Stock Exchange, to $126.15 per share. That surge also pushed Newsmax's valuation to $11.2 billion — making the company worth more than the New York Times, which has a market cap of $8.1 billion.
Shares of Newsmax started trading for $14 per share on Monday morning — above its $10 IPO price — and quickly ran from there. The outlet's stock was halted six times in the first three hours of trading, as excited investors looked to grab shares of the Trump-friendly outlet. That momentum continued on Tuesday, clearly, with shares opening at about $126 before racing up past $190 about an hour into trading. Shares then cooled off a bit, with Newsmax's stock price dropping about $65 in the next half-hour.
Newsmax is home to former Fox News host Greta Van Susteren, who hosts her show weekdays at 6:00 p.m. ET, as well as anchors Rob Schmitt and Rob Finnerty; Schmitt's weeknight show averaged 520,000 viewers in February, making it Newsmax's top-rated show for the month. He recently interviewed Elon Musk at CPAC.
The media company, beyond its Newsmax channel, also runs its Newsmax.com website, has a free streaming channel called Newsmax2 and also offers a subscription service, Newsmax+, for $4.99 per month. Newsmax was founded by CEO Chris Ruddy in 1998 and is based in Boca Raton, Florida. On its social platforms, Newsmax says it has about 20 million followers.
Its sales jumped 26% to $171 million last year, although Newsmax still lost $72 million in 2024.
Newsmax was looking to raise $75 million by selling 7.5 million Class B shares, Seeking Alpha reported; investors had to buy at least $500 worth of shares to meet its minimum requirement. Ruddy retains more than 80% of voting power following the IPO due to the dual-class share structure.
The post Newsmax Stock Surge Continues on Day 2 After IPO, Up Another 50% appeared first on TheWrap.
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