Nexxen International (NASDAQ:NEXN) Shares Up 1.7% – Time to Buy?

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) shot up 1.7% during trading on Wednesday . The company traded as high as $8.68 and last traded at $8.61. 332,226 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 436,767 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

NEXN has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Nexxen International from a “buy” rating to a “hold” rating in a report on Friday, August 22nd. BTIG Research started coverage on shares of Nexxen International in a report on Tuesday. They issued a “buy” rating and a $13.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexxen International in a report on Wednesday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $16.00 price target on shares of Nexxen International in a report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nexxen International currently has a consensus rating of “Buy” and a consensus price target of $14.78.

Nexxen International Stock Up 1.7%

The company has a market capitalization of $546.05 million, a price-to-earnings ratio of 13.67 and a beta of 1.71. The stock’s fifty day simple moving average is $9.56 and its two-hundred day simple moving average is $9.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35.

Nexxen International declared that its board has authorized a stock buyback plan on Friday, August 15th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System purchased a new stake in shares of Nexxen International in the second quarter worth approximately $25,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Nexxen International in the second quarter worth approximately $90,000. New York State Common Retirement Fund purchased a new stake in shares of Nexxen International in the second quarter worth approximately $124,000. Jump Financial LLC purchased a new stake in shares of Nexxen International in the first quarter worth approximately $146,000. Finally, Bank of America Corp DE lifted its position in shares of Nexxen International by 1,898.3% in the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock worth $151,000 after purchasing an additional 14,351 shares in the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.