Nexxen International (NASDAQ:NEXN) Coverage Initiated at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group assumed coverage on shares of Nexxen International (NASDAQ:NEXN) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 53.45% from the company’s current price.

A number of other analysts have also recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of Nexxen International in a research note on Thursday, March 6th. JMP Securities restated a “market outperform” rating and set a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Finally, Royal Bank of Canada upped their target price on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Nexxen International Stock Up 1.6 %

NEXN opened at $7.82 on Wednesday. The stock’s fifty day simple moving average is $13.29 and its 200 day simple moving average is $16.11. Nexxen International has a 1-year low of $6.93 and a 1-year high of $21.88. The stock has a market cap of $495.92 million, a PE ratio of 195.50 and a beta of 1.91. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

Nexxen International announced that its board has authorized a stock repurchase program on Wednesday, March 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Nexxen International

A number of large investors have recently modified their holdings of NEXN. Tidal Investments LLC lifted its position in shares of Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock worth $386,000 after buying an additional 2,125 shares during the last quarter. Advisors Preferred LLC acquired a new position in Nexxen International during the fourth quarter worth about $69,000. GAMMA Investing LLC lifted its holdings in shares of Nexxen International by 2,021.9% in the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after acquiring an additional 8,027 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Nexxen International in the 4th quarter valued at approximately $110,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Nexxen International by 24.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after purchasing an additional 11,346 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

About Nexxen International

Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. The company’s demand side platform (DSP) offers full-service and self-managed marketplace access to advertisers and agencies to execute their digital marketing campaigns in real time across various ad formats.