Nexxen International (NASDAQ:NEXN) Shares Gap Down – Here’s Why

Shares of Nexxen International Ltd. (NASDAQ:NEXN) gapped down before the market opened on Friday . The stock had previously closed at $9.02, but opened at $8.51. Nexxen International shares last traded at $8.96, with a volume of 48,961 shares changing hands.

Analysts Set New Price Targets

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

Nexxen International Stock Performance

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 stock has a 50 day moving average of $16.56 and a 200 day moving average of $16.79. The stock has a market capitalization of $563.05 million, a P/E ratio of 220.50 and a beta of 1.89.

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

Institutional Trading of Nexxen International

Large investors have recently modified their holdings of the company. Advisors Preferred LLC bought a new position in Nexxen International in the 4th quarter worth about $69,000. GAMMA Investing LLC boosted its position 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 buying an additional 8,027 shares during the period. Virtu Financial LLC bought a new position in Nexxen International in the 4th quarter worth approximately $110,000. D.A. Davidson & CO. acquired a new stake in Nexxen International in the 4th quarter valued at approximately $121,000. Finally, Jane Street Group LLC bought a new stake in Nexxen International during the 4th quarter valued at $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.