Nexxen International (NASDAQ:NEXN) Sees Unusually-High Trading Volume Following Analyst Upgrade

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) shares saw unusually-strong trading volume on Monday after Needham & Company LLC raised their price target on the stock from $8.50 to $9.50. Needham & Company LLC currently has a buy rating on the stock. Approximately 119,397 shares traded hands during mid-day trading, an increase of 81% from the previous session's volume of 65,815 shares.The stock last traded at $7.83 and had previously closed at $7.48.

Several other brokerages also recently commented on NEXN. Royal Bank of Canada upped their target price on Nexxen International from $9.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, August 23rd. 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 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $9.30.

Institutional Trading of Nexxen International

A number of hedge funds have recently made changes to their positions in NEXN. Guinness Atkinson Asset Management Inc acquired a new position in Nexxen International in the 3rd quarter valued at approximately $31,000. Blue Trust Inc. increased its stake in shares of Nexxen International by 221.7% in the third quarter. Blue Trust Inc. now owns 5,704 shares of the company's stock worth $46,000 after acquiring an additional 3,931 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Nexxen International during the third quarter worth $123,000. Marshall Wace LLP acquired a new stake in Nexxen International during the second quarter valued at $136,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Nexxen International in the second quarter valued at about $141,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

Nexxen International Stock Performance

The firm has a 50-day simple moving average of $7.86 and a two-hundred day simple moving average of $6.96. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $601.58 million, a price-to-earnings ratio of 210.25 and a beta of 1.86.

Nexxen International (NASDAQ:NEXN - Get Free Report) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.02). The firm had revenue of $88.58 million during the quarter, compared to analyst estimates of $85.75 million. Nexxen International had a positive return on equity of 5.92% and a negative net margin of 0.57%. During the same quarter in the prior year, the company posted $0.03 EPS. As a group, sell-side analysts forecast that Nexxen International Ltd. will post 0.55 earnings per share for the current fiscal year.

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.