Nexxen International (NASDAQ:NEXN) Sees Strong Trading Volume – Here’s Why

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw unusually-strong trading volume on Thursday . Approximately 63,420 shares were traded during trading, a decline of 14% from the previous session’s volume of 74,038 shares.The stock last traded at $9.73 and had previously closed at $9.50.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NEXN. Royal Bank of Canada raised their price objective on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Nexxen International in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Nexxen International Trading Down 3.4 %

The business has a fifty day moving average price of $16.78 and a 200-day moving average price of $16.84. 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 company has a market cap of $592.34 million, a P/E ratio of 229.50 and a beta of 1.89.

Nexxen International declared that its Board of Directors has approved a share repurchase plan on Wednesday, March 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new position in shares of Nexxen International in the third quarter valued at about $123,000. Tidal Investments LLC boosted its holdings in Nexxen International by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after purchasing an additional 2,125 shares during the period. JPMorgan Chase & Co. grew its position in shares of Nexxen International by 24.3% during 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 in the last quarter. GAMMA Investing LLC increased its holdings in shares of Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after purchasing an additional 8,027 shares during the period. Finally, Advisors Preferred LLC acquired a new stake in shares of Nexxen International in the fourth quarter valued at approximately $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.