Nexxen International (NASDAQ:NEXN) Sees Large Volume Increase - Still a Buy?

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) shares saw an uptick in trading volume on Wednesday . 110,213 shares traded hands during mid-day trading, an increase of 5% from the previous session's volume of 104,547 shares.The stock last traded at $8.63 and had previously closed at $8.51.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Canaccord Genuity Group initiated coverage on Nexxen International in a report on Wednesday, March 26th. They set a "buy" rating and a $12.00 price objective for the company. Royal Bank of Canada boosted their price objective on shares of Nexxen International from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. JMP Securities restated a "market outperform" rating and set a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Scotiabank initiated coverage on shares of Nexxen International in a research report on Monday, March 31st. They set a "sector outperform" rating and a $17.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $12.00 price target on shares of Nexxen International in a research report on Thursday, March 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Nexxen International Stock Performance

The stock's 50-day moving average is $11.40 and its 200-day moving average is $15.73. 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 stock has a market cap of $482.60 million, a price-to-earnings ratio of 190.25 and a beta of 1.81.

Nexxen International declared that its board has authorized a stock buyback program on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Institutional Trading of Nexxen International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Preferred LLC acquired a new stake in shares of Nexxen International in the fourth quarter worth approximately $69,000. GAMMA Investing LLC raised its stake in Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company's stock worth $84,000 after purchasing an additional 8,027 shares during the period. Virtu Financial LLC acquired a new position in shares of Nexxen International in the 4th quarter valued at $110,000. D.A. Davidson & CO. purchased a new stake in shares of Nexxen International during the 4th quarter valued at $121,000. Finally, Jane Street Group LLC purchased a new position in shares of Nexxen International in the 4th quarter worth $121,000. Hedge funds and other 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.