Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) have been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $12.60.

NEXN has been the topic of several recent research reports. BTIG Research dropped their price objective on shares of Nexxen International from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexxen International in a report on Wednesday, October 8th. Craig Hallum downgraded Nexxen International from a “buy” rating to a “hold” rating and set a $8.00 price target on the stock. in a research report on Thursday, November 13th. Royal Bank Of Canada decreased their price objective on Nexxen International from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, November 14th. Finally, Canaccord Genuity Group lowered their target price on Nexxen International from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, November 14th.

Nexxen International Trading Up 2.1%

Shares of NASDAQ:NEXN opened at $6.67 on Friday. The business has a 50-day moving average price of $7.19 and a 200-day moving average price of $8.86. The stock has a market cap of $378.24 million, a price-to-earnings ratio of 11.11 and a beta of 1.71. Nexxen International has a 52-week low of $6.08 and a 52-week high of $12.60. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.04.

Nexxen International announced that its board has approved a stock buyback program on Thursday, November 20th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Several institutional investors have recently made changes to their positions in NEXN. JB Capital Partners LP grew its position in Nexxen International by 1.8% during the second quarter. JB Capital Partners LP now owns 3,555,097 shares of the company’s stock valued at $37,009,000 after buying an additional 62,540 shares during the period. Rock Point Advisors LLC boosted its stake in shares of Nexxen International by 14.9% during the 3rd quarter. Rock Point Advisors LLC now owns 667,222 shares of the company’s stock worth $6,172,000 after acquiring an additional 86,415 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Nexxen International by 1,062.0% during the 2nd quarter. Geode Capital Management LLC now owns 509,808 shares of the company’s stock valued at $5,307,000 after acquiring an additional 465,936 shares during the period. ARK Investment Management LLC acquired a new stake in shares of Nexxen International during the 3rd quarter valued at about $1,798,000. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Nexxen International in the 3rd quarter valued at about $1,239,000. 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. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns.