Nexxen International (NASDAQ:NEXN) Rating Increased to Outperform at Raymond James

Raymond James upgraded shares of Nexxen International (NASDAQ:NEXN) from a market perform rating to an outperform rating in a research note issued to investors on Monday, MarketBeat reports. They currently have $15.00 price objective on the stock.

A number of other equities research analysts have also weighed in on the stock. Scotiabank started coverage on shares of Nexxen International in a research note on Monday, March 31st. They set a “sector outperform” rating and a $17.00 target price for the company. Canaccord Genuity Group started coverage on Nexxen International in a report on Wednesday, March 26th. They issued a “buy” rating and a $12.00 target price on the stock. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price objective on shares of Nexxen International in a research note on Thursday, March 6th. Finally, Craig Hallum began coverage on shares of Nexxen International in a research report on Thursday, April 10th. They set a “buy” rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Nexxen International currently has an average rating of “Moderate Buy” and a consensus price target of $16.40.

Nexxen International Stock Performance

Shares of NEXN stock opened at $10.84 on Monday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average price of $8.45 and a 200-day moving average price of $14.63. Nexxen International has a 52 week low of $6.93 and a 52 week high of $21.88. The firm has a market capitalization of $687.44 million, a PE ratio of 271.00 and a beta of 1.81.

Nexxen International announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rock Point Advisors LLC lifted its holdings in shares of Nexxen International by 32.7% in the first quarter. Rock Point Advisors LLC now owns 643,492 shares of the company’s stock worth $5,373,000 after buying an additional 158,397 shares in the last quarter. Rice Hall James & Associates LLC lifted its stake in Nexxen International by 86.3% in the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock worth $5,687,000 after purchasing an additional 262,961 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Nexxen International by 176.1% during the 4th quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after purchasing an additional 276,600 shares during the last quarter. Marshall Wace LLP grew its position in shares of Nexxen International by 471.0% during the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock valued at $3,837,000 after purchasing an additional 315,864 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Nexxen International in the fourth quarter worth about $1,456,000. 54.24% of the stock is currently 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.