Nexxen International (NASDAQ:NEXN) Trading Up 3.9% – What’s Next?

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

Analyst Ratings Changes

Several research firms recently weighed in on NEXN. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Nexxen International in a report on Thursday, March 6th. Finally, Royal Bank of Canada lifted their price objective on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Nexxen International Price Performance

The business’s fifty day moving average price is $13.53 and its 200 day moving average price is $16.16. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $506.96 million, a P/E ratio of 199.75 and a beta of 1.91.

Nexxen International announced that its board has authorized a stock buyback plan on Wednesday, March 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Several large investors have recently bought and sold shares of the company. Two Sigma Investments LP acquired a new position in shares of Nexxen International in the fourth quarter valued at approximately $593,000. Numerai GP LLC acquired a new position in Nexxen International in the 4th quarter valued at approximately $315,000. Millennium Management LLC raised its stake in shares of Nexxen International by 45.7% during the fourth quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after acquiring an additional 30,973 shares during the last quarter. Cresset Asset Management LLC acquired a new position in shares of Nexxen International during the fourth quarter worth $210,000. Finally, Bank of America Corp DE grew its stake in shares of Nexxen International by 1,898.3% in the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock worth $151,000 after purchasing an additional 14,351 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors.

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.