Nexxen International (NASDAQ:NEXN) to Buyback $20.00 million in Shares

Nexxen International (NASDAQ:NEXN) announced that its board has initiated a share repurchase plan on Friday, August 15th, RTT News reports. The company plans to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Nexxen International Trading Up 2.4%

NEXN opened at $9.55 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.46 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $10.14 and a two-hundred day moving average price of $9.68. The company has a market cap of $605.66 million, a P/E ratio of 15.16 and a beta of 1.74. Nexxen International has a 1-year low of $6.93 and a 1-year high of $12.60.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on NEXN shares. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Nexxen International in a research note on Friday, May 23rd. Royal Bank Of Canada raised their target price on Nexxen International from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, May 12th. Wall Street Zen cut Nexxen International from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 20th. Canaccord Genuity Group lifted their price objective on Nexxen International from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Raymond James Financial raised Nexxen International from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a research report on Monday, May 5th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Nexxen International currently has a consensus rating of “Buy” and an average target price of $14.33.

About Nexxen International

Tremor International Ltd provides end-to-end software platform that enables advertisers to reach relevant audiences and publishers. 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.