Nexxen International (NASDAQ:NEXN) Trading 3.9% Higher – Here’s What Happened

Shares of Nexxen International Ltd. (NASDAQ:NEXN) were up 3.9% during mid-day trading on Tuesday . The company traded as high as $7.88 and last traded at $8.00. Approximately 22,641 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 93,532 shares. The stock had previously closed at $7.70.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NEXN shares. Canaccord Genuity Group began coverage on Nexxen International in a report on Wednesday. They set a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reiterated 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 reissued a “market outperform” rating and set a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Finally, Royal Bank of Canada raised their price target on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Nexxen International Stock Down 4.1 %

The company has a market cap of $475.63 million, a price-to-earnings ratio of 187.50 and a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a 50-day moving average price of $13.04 and a 200 day moving average price of $16.05.

Nexxen International declared that its Board of Directors has approved a share repurchase plan on Wednesday, March 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position 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 valued at $84,000 after acquiring an additional 8,027 shares during the period. JPMorgan Chase & Co. boosted its holdings in Nexxen International by 24.3% in 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 period. D.A. Davidson & CO. bought a new stake in Nexxen International in the 4th quarter valued at about $121,000. Tidal Investments LLC grew 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 purchasing an additional 2,125 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its holdings in shares of Nexxen International by 86.3% during the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock worth $5,687,000 after purchasing an additional 262,961 shares during the period. Institutional investors own 54.24% of the company’s stock.

Nexxen International Company Profile

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.