Nexxen International (NASDAQ:NEXN) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Nexxen International (NASDAQ:NEXN - Free Report) in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $12.00 target price on the stock.

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

Nexxen International Stock Down 0.1 %

NASDAQ:NEXN traded down $0.01 during trading hours on Wednesday, hitting $7.62. 229,057 shares of the stock traded hands, compared to its average volume of 100,189. The firm has a 50 day moving average price of $12.54 and a 200 day moving average price of $15.95. The firm has a market cap of $483.24 million, a price-to-earnings ratio of 190.50 and a beta of 1.91. Nexxen International has a fifty-two week low of $6.93 and a fifty-two week high of $21.88. 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 declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Trading of Nexxen International

Several large investors have recently added to or reduced their stakes in NEXN. Marshall Wace LLP lifted its stake in shares of Nexxen International by 471.0% in the 4th quarter. Marshall Wace LLP now owns 382,924 shares of the company's stock valued at $3,837,000 after purchasing an additional 315,864 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Nexxen International by 176.1% during the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company's stock valued at $4,346,000 after buying an additional 276,600 shares in the last quarter. Rice Hall James & Associates LLC lifted its position in shares of Nexxen International by 86.3% in the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company's stock worth $5,687,000 after buying an additional 262,961 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Nexxen International during the 4th quarter worth about $1,456,000. Finally, Navellier & Associates Inc. acquired a new position in shares of Nexxen International during the 4th quarter valued at about $984,000. 54.24% of the stock is owned by institutional investors.

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.