Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Up 351.6% in February

Nexxen International Ltd. (NASDAQ:NEXN) was the recipient of a large increase in short interest in February. As of February 28th, there was short interest totalling 423,600 shares, an increase of 351.6% from the February 13th total of 93,800 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average daily volume of 138,800 shares, the days-to-cover ratio is presently 3.1 days.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JMP Securities reissued a “market outperform” rating and issued a $22.00 target price on shares of Nexxen International in a research note on Monday, January 27th. Royal Bank of Canada upped their price objective on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of Nexxen International in a research note on Thursday, March 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.00.

Nexxen International Trading Down 3.7 %

NEXN traded down $0.28 during trading on Friday, hitting $7.30. 459,617 shares of the company’s stock were exchanged, compared to its average volume of 84,014. Nexxen International has a 1 year low of $6.93 and a 1 year high of $21.88. The stock has a 50 day moving average price of $15.37 and a 200 day moving average price of $16.55. The firm has a market cap of $463.01 million, a P/E ratio of 182.38 and a beta of 1.91. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Advisors Preferred LLC acquired a new stake in shares of Nexxen International in the fourth quarter valued at about $69,000. GAMMA Investing LLC boosted its holdings in Nexxen International by 2,021.9% in 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 acquired a new stake in Nexxen International in the fourth quarter valued at approximately $110,000. D.A. Davidson & CO. acquired a new stake in Nexxen International in the fourth quarter valued at approximately $121,000. Finally, Jane Street Group LLC purchased a new stake in shares of Nexxen International during the fourth quarter valued at approximately $121,000. 54.24% of the stock is owned by hedge funds and other 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.