Nexxen International (NASDAQ:NEXN) Sees Unusually-High Trading Volume - Here's What Happened

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 326,747 shares traded hands during mid-day trading, an increase of 190% from the previous session's volume of 112,727 shares.The stock last traded at $8.00 and had previously closed at $7.70.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NEXN shares. Craig Hallum started coverage on Nexxen International in a report on Thursday. They set a "buy" rating and a $15.00 target price for the company. Scotiabank assumed coverage on shares of Nexxen International in a research note on Monday, March 31st. They issued a "sector outperform" rating and a $17.00 price target on the stock. Royal Bank of Canada lifted their price target on shares of Nexxen International from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $12.00 target price on shares of Nexxen International in a report on Thursday, March 6th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.75.

Nexxen International Stock Performance

The stock's fifty day simple moving average is $9.85 and its 200-day simple moving average is $15.34. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $558.70 million, a PE ratio of 220.25 and a beta of 1.81.

Nexxen International announced that its Board of Directors has approved a stock buyback program on Wednesday, March 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 8.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Nexxen International

A number of institutional investors have recently modified their holdings of NEXN. Tidal Investments LLC boosted its position in shares of Nexxen International by 4.6% in the third quarter. Tidal Investments LLC now owns 48,072 shares of the company's stock worth $386,000 after buying an additional 2,125 shares during the period. JPMorgan Chase & Co. lifted its stake in Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company's stock valued at $466,000 after buying an additional 11,346 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 8,027 shares during the period. Advisors Preferred LLC bought a new position in Nexxen International in the 4th quarter valued at about $69,000. Finally, D.A. Davidson & CO. acquired a new position in shares of Nexxen International during the 4th quarter valued at $121,000. Hedge funds and other institutional investors own 54.24% of the company's stock.

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.