Nexxen International Ltd. (NASDAQ:NEXN) Sees Significant Decline in Short Interest

Nexxen International Ltd. (NASDAQ:NEXN) was the recipient of a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 345,800 shares, a decline of 18.4% from the February 28th total of 423,600 shares. Based on an average daily volume of 201,900 shares, the days-to-cover ratio is presently 1.7 days. Approximately 0.9% of the shares of the company are short sold.

Nexxen International Price Performance

Shares of Nexxen International stock traded up $0.39 on Wednesday, hitting $8.90. The company’s stock had a trading volume of 506,248 shares, compared to its average volume of 106,058. The company has a market capitalization of $564.41 million, a price-to-earnings ratio of 222.50 and a beta of 1.91. Nexxen International has a 1 year low of $6.93 and a 1 year high of $21.88. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a fifty day moving average price of $12.07 and a 200-day moving average price of $15.87.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group initiated coverage on shares of Nexxen International in a research report on Wednesday, March 26th. They set a “buy” rating and a $12.00 price target for the company. Scotiabank initiated coverage on shares of Nexxen International in a research report on Monday. They set a “sector outperform” rating and a $17.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of Nexxen International in a report on Thursday, March 6th. Royal Bank of Canada lifted their price objective on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 target price on shares of Nexxen International in a research note on Monday, January 27th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Preferred LLC purchased a new stake in Nexxen International in the 4th quarter worth $69,000. GAMMA Investing LLC grew its position in shares of 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 purchasing an additional 8,027 shares during the period. Virtu Financial LLC purchased a new stake in shares of Nexxen International during the fourth quarter worth about $110,000. D.A. Davidson & CO. acquired a new position in shares of Nexxen International during the 4th quarter worth about $121,000. Finally, Jane Street Group LLC purchased a new position in Nexxen International in the 4th quarter valued at about $121,000. Hedge funds and other institutional investors 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.