Nexxen International (NASDAQ:NEXN) Stock Price Up 1.7% – Here’s Why

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Nexxen International in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Nexxen International in a research note on Friday, August 22nd. Wall Street Zen lowered Nexxen International from a “buy” rating to a “hold” rating in a research note on Friday, August 22nd. Finally, BTIG Research initiated coverage on Nexxen International in a research note on Tuesday. They issued a “buy” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Nexxen International currently has an average rating of “Buy” and an average target price of $14.78.

Nexxen International Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market cap of $546.05 million, a P/E ratio of 13.67 and a beta of 1.71. The firm has a 50 day moving average price of $9.56 and a two-hundred day moving average price of $9.94.

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

Hedge Funds Weigh In On Nexxen International

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position 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 valued at $235,000 after purchasing an additional 19,766 shares in the last quarter. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 14,351 shares in the last quarter. JB Capital Partners LP boosted its position in shares of Nexxen International by 2,490.0% during the first quarter. JB Capital Partners LP now owns 3,492,557 shares of the company’s stock valued at $29,163,000 after purchasing an additional 3,357,707 shares in the last quarter. Rock Point Advisors LLC boosted its holdings in 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 acquiring an additional 158,397 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Nexxen International in the first quarter worth $153,000. 54.24% of the stock is owned by hedge funds and other 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.