Nexxen International (NASDAQ:NEXN) Shares Gap Up – Here’s What Happened

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) gapped up before the market opened on Friday . The stock had previously closed at $9.36, but opened at $9.69. Nexxen International shares last traded at $9.54, with a volume of 199,172 shares trading hands.

Analysts Set New Price Targets

NEXN has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Nexxen International from a “buy” rating to a “hold” rating in a research report on Friday, August 22nd. Rosenblatt Securities reissued a “buy” rating and set a $16.00 price objective on shares of Nexxen International in a research report on Friday, August 22nd. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.00.

Nexxen International Price Performance

The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $601.86 million, a PE ratio of 15.06 and a beta of 1.74. The stock’s 50-day moving average is $9.96 and its two-hundred day moving average is $9.79.

Nexxen International declared that its Board of Directors has approved a share buyback program on Friday, August 15th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

A number of hedge funds have recently added to or reduced their stakes in NEXN. Jane Street Group LLC bought a new position in Nexxen International in the 4th quarter worth about $121,000. Bank of America Corp DE lifted its position 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 valued at $151,000 after acquiring an additional 14,351 shares during the last quarter. Millennium Management LLC lifted its position in Nexxen International by 45.7% during the fourth quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after acquiring an additional 30,973 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Nexxen International during the fourth quarter valued at approximately $593,000. Finally, GAMMA Investing LLC lifted its stake in shares of Nexxen International by 234.6% during the first quarter. GAMMA Investing LLC now owns 28,190 shares of the company’s stock worth $235,000 after buying an additional 19,766 shares during the period. 54.24% of the stock is currently owned by institutional investors.

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.