That Newsmax Inc. (NYSE:NMAX) has been added to the U.S. small-cap Russell 2000 Index and the broader mid-cap Russell 3000 Index, providing the company with increased visibility within the institutional investor community, is exciting indeed, Mark Elenowitz, managing director of Digital Offering, said Tuesday.
Elenowitz's firm successfully completed Newsmax's pre-IPO and IPO earlier this year, raising $300 million.
"I'm a shareholder, so I was really excited yesterday with the news that Newsmax has joined the Russell 2000 and 3000," Elenowitz said in an interview on the network's "Wake Up America."
The Russell addition shows that Newsmax has been recognized by one of the top indexes, "as well as a great small-cap company," he added.
The Russell additions will allow institutions, index funds, and other professional investors to follow along and add Newsmax to their portfolios, Elenowitz continued.
Investment managers and institutional investors widely use Russell's indexes, with approximately $10.6 trillion in assets benchmarked against the U.S. indexes.
"We saw that yesterday with some of the volume increases and price increases as these portfolio managers were adjusting their portfolio allocations," he said.
"There are two things that come from it," said Elenowitz. "One is market visibility. There are a lot of institutions and professional investors that focus on small-cap investment, and they follow the index."
When a company is added, which happens just once a year, on June. 30, "these funds will then allocate a certain portion of their buying directly into these types of stocks," he continued.
"The other thing is it gives that liquidity boost because as that buying comes in, more and more shares are purchased and liquidity tends to increase."
Newsmax's success, Elenowitz added, "goes down ultimately to the viewers."
"We've had such a great support system that we've seen," he said. "On a monthly basis, the Nielsen ratings have increased. In fact, in the first quarter, we saw viewership go up over 50% for the streaming service. In May, we saw over 21.5 million viewers."
Newsmax has also not only recently signed deals with YouTube TV, Verizon, and Hulu, said Elenowitz, but on Monday announced a deal in which Trump Media will distribute Newsmax content to a global audience.
"So that has all come right from the IPO," said Elenowitz. "We've been excited to see that visibility increase."
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