Nexxen International (NASDAQ:NEXN) Stock Price Up 6.1% - Time to Buy?

Shares of Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) rose 6.1% on Monday . The stock traded as high as $8.10 and last traded at $8.08. Approximately 52,183 shares were traded during trading, a decline of 48% from the average daily volume of 100,034 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

NEXN has been the topic of a number of research analyst reports. Scotiabank began coverage on shares of Nexxen International in a research note on Monday. They issued a "sector outperform" rating and a $17.00 price target on the stock. Royal Bank of Canada boosted 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 began coverage on Nexxen International in a research report on Wednesday, March 26th. They set a "buy" rating and a $12.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $12.00 price objective on shares of Nexxen International in a report on Thursday, March 6th. Finally, JMP Securities restated a "market outperform" rating and set a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Nexxen International Stock Performance

The stock has a market capitalization of $490.21 million, a PE ratio of 193.25 and a beta of 1.91. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average of $11.62 and a 200-day moving average of $15.77.

Nexxen International declared that its Board of Directors has approved a share buyback program 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 programs are typically an indication that the company's board believes its stock is undervalued.

Institutional Trading of Nexxen International

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