Nexxen International (NASDAQ:NEXN) Shares Up 6.1% – Still a Buy?

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Canaccord Genuity Group began coverage on Nexxen International in a research note on Wednesday, March 26th. They issued a “buy” rating and a $12.00 price target on the stock. Royal Bank of Canada lifted their target price on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on Nexxen International in a research report 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 set a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 price objective on shares of Nexxen International in a research report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Nexxen International Stock Up 1.9 %

The firm has a market capitalization of $539.68 million, a P/E ratio of 212.75 and a beta of 1.91. The firm’s 50 day moving average is $12.07 and its two-hundred day moving average is $15.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43.

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

Institutional Investors Weigh In On Nexxen International

A number of institutional investors and hedge funds have recently modified their holdings of the company. Advisors Preferred LLC acquired a new position in Nexxen International during the fourth quarter worth approximately $69,000. GAMMA Investing LLC boosted its stake in shares of Nexxen International by 2,021.9% during the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after acquiring an additional 8,027 shares during the period. Virtu Financial LLC bought a new position in shares of Nexxen International during the 4th quarter worth approximately $110,000. D.A. Davidson & CO. acquired a new stake in Nexxen International during the 4th quarter valued at $121,000. Finally, Jane Street Group LLC acquired a new stake in Nexxen International during the 4th quarter valued at $121,000. 54.24% of the stock is 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.