Nexxen International (NASDAQ:NEXN) Shares Gap Down - What's Next?

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $9.02, but opened at $8.51. Nexxen International shares last traded at $8.96, with a volume of 48,961 shares traded.

Wall Street Analysts Forecast Growth

NEXN has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on Nexxen International from $22.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Finally, Needham & Company LLC restated a "buy" rating and set 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Nexxen International Trading Up 0.1 %

The firm has a market cap of $521.92 million, a P/E ratio of 205.75 and a beta of 1.91. The stock has a 50 day simple moving average of $15.86 and a 200-day simple moving average of $16.67. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

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

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Hedge Funds Weigh In On Nexxen International

Several institutional investors have recently bought and sold shares of NEXN. Tidal Investments LLC raised its position in shares of Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company's stock valued at $386,000 after buying an additional 2,125 shares in the last quarter. Advisors Preferred LLC purchased a new stake in Nexxen International during the fourth quarter valued at approximately $69,000. GAMMA Investing LLC raised its position in Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company's stock valued at $84,000 after purchasing an additional 8,027 shares during the period. Virtu Financial LLC bought a new stake in shares of Nexxen International in the 4th quarter valued at approximately $110,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Nexxen International by 24.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company's stock worth $466,000 after purchasing an additional 11,346 shares during the period. 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.