Nexxen International (NASDAQ:NEXN) Shares Up 6.1% – Here’s What Happened

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

Analysts Set New Price Targets

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

Nexxen International Stock Performance

The company’s 50 day simple moving average is $12.54 and its 200 day simple moving average is $15.96. 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 market cap of $531.62 million, a PE ratio of 208.88 and a beta of 1.91.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new position in Nexxen International during the third quarter worth about $123,000. Tidal Investments LLC raised its stake in shares of Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after purchasing an additional 2,125 shares during the period. JPMorgan Chase & Co. boosted its stake in Nexxen International by 24.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock worth $466,000 after purchasing an additional 11,346 shares during the period. GAMMA Investing LLC boosted 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 acquiring an additional 8,027 shares during the period. Finally, Advisors Preferred LLC purchased a new position in Nexxen International during the fourth quarter valued at approximately $69,000. Institutional investors own 54.24% of the company’s stock.

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.