The conservative media underdog still faces unpredictable challenges.Newsmax (NMAX +0.44%), the conservative media company that competes against mainstream media outlets like Fox (FOX +0.36%) News, went public at $10 this March. Its stock skyrocketed and closed at$83.51 on its first day, and it set a record high of $233 a day later.At its peak, Newsmax's market cap hit$29 billion, or 170 times the $171 million in revenue it generated in 2024. It instantly became a meme stock for two reasons: it was closel ...