Nexxen International (NASDAQ:NEXN) Sees Large Volume Increase - Should You Buy?

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) shares saw strong trading volume on Wednesday . 154,081 shares were traded during mid-day trading, an increase of 93% from the previous session's volume of 79,681 shares.The stock last traded at $7.96 and had previously closed at $8.23.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank of Canada upped their target price on 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 reissued a "market outperform" rating and issued a $22.00 target price on shares of Nexxen International in a research report on Monday, January 27th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $12.00 target price on shares of Nexxen International in a research report on Thursday, March 6th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Nexxen International Trading Down 3.3 %

The company has a 50 day simple moving average of $15.10 and a 200 day simple moving average of $16.49. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $464.85 million, a PE ratio of 183.25 and a beta of 1.91.

Nexxen International announced that its board has approved a stock buyback plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

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Institutional Trading of Nexxen International

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Preferred LLC purchased a new stake in Nexxen International during the 4th quarter valued at approximately $69,000. GAMMA Investing LLC raised its stake in shares of Nexxen International by 2,021.9% during the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company's stock worth $84,000 after buying an additional 8,027 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Nexxen International during the 4th quarter worth approximately $110,000. D.A. Davidson & CO. purchased a new position in shares of Nexxen International during the 4th quarter worth approximately $121,000. Finally, Jane Street Group LLC purchased a new position in shares of Nexxen International during the 4th quarter worth approximately $121,000. 54.24% of the stock is owned by hedge funds and other 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.