Nexxen International (NASDAQ:NEXN) Trading Up 3.9% - Still a Buy?

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) was up 3.9% on Tuesday . The company traded as high as $7.88 and last traded at $8.00. Approximately 22,641 shares changed hands during trading, a decline of 76% from the average daily volume of 93,532 shares. The stock had previously closed at $7.70.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. JMP Securities reiterated a "market outperform" rating and set a $22.00 price target on shares of Nexxen International in a report on Monday, January 27th. Royal Bank of Canada increased 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. Canaccord Genuity Group started coverage on Nexxen International in a report on Wednesday. They set a "buy" rating and a $12.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Nexxen International in a research note on Thursday, March 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $17.00.

Nexxen International Price Performance

The company has a fifty day simple moving average of $12.54 and a 200 day simple moving average of $15.95. The stock has a market capitalization of $483.24 million, a price-to-earnings ratio of 190.50 and a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43.

Remove Ads

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NEXN. Quadrature Capital Ltd acquired a new stake in shares of Nexxen International during the third quarter worth $123,000. Tidal Investments LLC grew its holdings in Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company's stock worth $386,000 after acquiring an additional 2,125 shares during the period. JPMorgan Chase & Co. raised its position 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 acquiring an additional 11,346 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Nexxen International by 2,021.9% in the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company's stock worth $84,000 after acquiring an additional 8,027 shares in the last quarter. Finally, Advisors Preferred LLC bought a new stake in shares of Nexxen International during the 4th quarter valued at about $69,000. 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.