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

Nexxen International Ltd. (NASDAQ:NEXN) shares shot up 3.9% during mid-day trading on Tuesday . The company traded as high as $7.88 and last traded at $8.00. 22,641 shares were traded during trading, a decline of 76% from the average session volume of 93,532 shares. The stock had previously closed at $7.70.

Wall Street Analysts Forecast Growth

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

Nexxen International Stock Performance

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 fifty day simple moving average of $13.53 and a two-hundred day simple moving average of $16.16. The firm has a market capitalization of $506.96 million, a P/E ratio of 199.75 and a beta of 1.91.

Nexxen International declared that its board has initiated a share buyback plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Preferred LLC acquired a new position in shares of Nexxen International during the fourth quarter valued at about $69,000. GAMMA Investing LLC increased its position in Nexxen International by 2,021.9% in the 4th 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 in the last quarter. Virtu Financial LLC acquired a new position in Nexxen International during the 4th quarter worth approximately $110,000. D.A. Davidson & CO. bought a new position in Nexxen International in the fourth quarter worth approximately $121,000. Finally, Jane Street Group LLC acquired a new stake in Nexxen International in the fourth quarter valued at approximately $121,000. 54.24% of the stock is owned by institutional investors.

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.