Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Update

Nexxen International Ltd. (NASDAQ:NEXN) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 345,800 shares, a decline of 18.4% from the February 28th total of 423,600 shares. Based on an average daily volume of 201,900 shares, the days-to-cover ratio is currently 1.7 days. Currently, 0.9% of the shares of the stock are sold short.

Nexxen International Trading Up 4.6 %

NEXN stock traded up $0.39 during trading on Wednesday, reaching $8.90. 506,248 shares of the stock were exchanged, compared to its average volume of 106,058. 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 firm has a market capitalization of $564.41 million, a price-to-earnings ratio of 222.50 and a beta of 1.91. The business has a 50 day moving average price of $12.07 and a 200-day moving average price of $15.87. Nexxen International has a 1 year low of $6.93 and a 1 year high of $21.88.

Nexxen International announced that its board has approved 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 board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Two Sigma Investments LP acquired a new stake in Nexxen International during the fourth quarter worth $593,000. Numerai GP LLC acquired a new stake in shares of Nexxen International during the 4th quarter worth about $315,000. Millennium Management LLC raised its holdings in Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after buying an additional 30,973 shares during the period. Cresset Asset Management LLC acquired a new position in Nexxen International in the fourth quarter valued at about $210,000. Finally, Bank of America Corp DE boosted its stake in Nexxen International by 1,898.3% during the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock worth $151,000 after buying an additional 14,351 shares during the period. 54.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.