Why Shares of Newsmax Are Up More Than 1,123% Since Its IPO

Class B shares of the right-leaning media outlet Newsmax (NYSE: NMAX) have blasted more than 1,123% higher since its initial public offering on March 31. The stock appears to be trading like a meme stock: Shares had roughly doubled today at 1:13 p.m. ET.Newsmax, a smaller cable news network, started with a very small IPO. The company raised $75 million at $10 a share, according to Reuters. By the time shares closed yesterday, the stock had vaulted to over $82 per share. Today, there is no sign of slowing, and this comes right after the much-anticipated artificial intelligence data center company CoreWeave just disappointed with its IPO.Newsmax has the fourth-largest cable news audience in the country and averaged 211,000 daytime viewers and 309,000 prime-time viewers, according to Nielsen data reported by CNBC. But that's nothing compared to Fox's 3.1 million prime-time viewers.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool