Cable news channel Newsmax extends gains after robust debut
Conservative cable news channel Newsmax's NMAX.N shares jump as much as 77.1% to $147.9 in early trading
Stock last up 60.2% at $133.77, valuing the company at $17.2 billion
NMAX closed with more than eightfold gains at $83.51 on Monday in its eye-popping NYSE debut
The Florida-based company is a top trending ticker on investor-focused social media stocktwits.com
NMAX raised $75 million at $10 apiece in its "mini IPO", a scaled-down version of a traditional IPO
Company reported a net loss of $72.2 million and revenue of $171 million in 2024, compared with a net loss of $41.8 million and $135.3 million revenue in 2023, according to SEC filing
CEO Christopher Ruddy holds ~81.5% of voting stock of NMAX, as of March 28
NMAX, which entered the cable news market in 2014, reaches more than 40 million Americans each month
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