Nexxen International (NASDAQ:NEXN) Shares Gap Down - Here's Why

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $8.66, but opened at $8.45. Nexxen International shares last traded at $8.20, with a volume of 72,028 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NEXN. Lake Street Capital upped their price objective on shares of Nexxen International from $7.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, August 23rd. Needham & Company LLC upped their target price on shares of Nexxen International from $6.50 to $8.50 and gave the stock a "buy" rating in a research note on Friday, August 23rd. Finally, Royal Bank of Canada upped their target price on shares of Nexxen International from $9.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $9.10.

Nexxen International Stock Performance

The company has a market capitalization of $550.82 million, a price-to-earnings ratio of -117.13 and a beta of 1.86. The stock's 50 day moving average price is $7.66 and its 200 day moving average price is $6.57. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.04.

Nexxen International (NASDAQ:NEXN - Get Free Report) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.02). The company had revenue of $88.58 million during the quarter, compared to the consensus estimate of $85.75 million. Nexxen International had a negative net margin of 0.57% and a positive return on equity of 5.92%. During the same period in the prior year, the company earned $0.03 earnings per share. Analysts expect that Nexxen International Ltd. will post 0.56 earnings per share for the current year.

Institutional Trading of Nexxen International

Hedge funds have recently added to or reduced their stakes in the stock. Guinness Atkinson Asset Management Inc acquired a new position in shares of Nexxen International during the third quarter worth $31,000. Blue Trust Inc. lifted its holdings in shares of Nexxen International by 221.7% during the third quarter. Blue Trust Inc. now owns 5,704 shares of the company's stock worth $46,000 after purchasing an additional 3,931 shares during the period. Marshall Wace LLP acquired a new position in shares of Nexxen International during the second quarter worth $136,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Nexxen International during the second quarter worth $141,000. Finally, Dimensional Fund Advisors LP bought a new position in Nexxen International during the second quarter worth $451,000. Institutional investors and hedge funds 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.