Scotiabank Begins Coverage on Nexxen International (NASDAQ:NEXN)

Scotiabank started coverage on shares of Nexxen International (NASDAQ:NEXN - Free Report) in a research note released on Monday, MarketBeat reports. The firm issued a sector outperform rating and a $17.00 price target on the stock.

A number of other analysts have also recently commented on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Royal Bank of Canada increased their price target on Nexxen International from $22.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Needham & Company LLC reiterated a "buy" rating and set a $12.00 price objective on shares of Nexxen International in a report on Thursday, March 6th. Finally, Canaccord Genuity Group assumed coverage on shares of Nexxen International in a research report on Wednesday, March 26th. They issued a "buy" rating and a $12.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $17.00.

Nexxen International Trading Down 6.4 %

NEXN stock traded down $0.53 during midday trading on Monday, reaching $7.78. The company's stock had a trading volume of 204,219 shares, compared to its average volume of 108,357. The business's 50-day simple moving average is $11.62 and its 200-day simple moving average is $15.77. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. Nexxen International has a 52 week low of $6.93 and a 52 week high of $21.88. The stock has a market cap of $493.38 million, a PE ratio of 194.50 and a beta of 1.91.

Nexxen International announced that its Board of Directors has initiated a share repurchase program on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Nexxen International

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