The Newsmax IPO is one for the record books.
Priced at $10 per share, the cable TV company closed its first day at $83.51 and its second at $233, after rising as high as $265. That’s left the stock up 2,230% in its first two days of trade.
Christopher Ruddy, Newsmax’s CEO and an ally of President Donald Trump, has stock valued at over $9 billion.
The right-wing conservative TV outlet is now worth more than Fox, which has a market cap of $25 billion. Fox shares a similar ownership to News Corp., which holds MarketWatch, the publisher of this report.
These meteoric gains now leave Newsmax’s valuation at truly nosebleed levels, and in premarket trade on Wednesday, shares were trading hands at $183, a loss of 21%.
Charlie Bilello, the chief market strategist at wealth management firm Creative Planning, pointed out its market capitalization, of $32 billion, is higher than 235 companies in the S&P 500.
Its trailing 12-month sales of $156 million are not higher than any of those companies — in fact, its sales are 78% below the company with the lowest sales in the S&P 500, he added.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。