Nexxen International (NASDAQ:NEXN) Trading 6.1% Higher – Here’s What Happened

Nexxen International Ltd. (NASDAQ:NEXN)’s share price was up 6.1% during mid-day trading on Monday . The stock traded as high as $8.10 and last traded at $8.08. Approximately 52,183 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 100,034 shares. The stock had previously closed at $7.62.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NEXN shares. Canaccord Genuity Group began coverage on shares of Nexxen International in a report on Wednesday, March 26th. They set a “buy” rating and a $12.00 price objective for the company. JMP Securities reissued a “market outperform” rating and issued a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of Nexxen International in a research note 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 report on Friday, January 3rd. Finally, 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Nexxen International Trading Up 1.9 %

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a market cap of $539.68 million, a P/E ratio of 212.75 and a beta of 1.91. The business’s fifty day simple moving average is $12.07 and its 200 day simple moving average is $15.87.

Nexxen International announced that its board has approved a stock buyback plan on Wednesday, March 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

Several large investors have recently made changes to their positions in NEXN. Quadrature Capital Ltd bought a new stake in Nexxen International during the 3rd quarter worth about $123,000. Tidal Investments LLC raised its stake in shares of Nexxen International by 4.6% during the third quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock worth $386,000 after buying an additional 2,125 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after buying an additional 11,346 shares during the period. GAMMA Investing LLC lifted 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 period. Finally, Advisors Preferred LLC bought a new position in Nexxen International in the fourth quarter valued at approximately $69,000. 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.