Nexxen International (NASDAQ:NEXN) Price Target Lowered to $9.00 at BTIG Research

Nexxen International (NASDAQ:NEXN) had its price objective lowered by BTIG Research from $10.00 to $9.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently commented on the company. Canaccord Genuity Group reduced their price target on Nexxen International from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Rosenblatt Securities boosted their price target on Nexxen International from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Needham & Company LLC dropped their price objective on Nexxen International from $9.00 to $7.50 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Scotiabank cut their price objective on Nexxen International from $12.00 to $10.00 and set a “sector outperform” rating for the company in a report on Thursday, March 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nexxen International in a research note on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.17.

Nexxen International Stock Down 2.6%

Shares of NEXN stock opened at $6.63 on Thursday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.04. Nexxen International has a 1 year low of $5.60 and a 1 year high of $12.60. The firm’s fifty day moving average price is $6.38 and its two-hundred day moving average price is $7.33. The firm has a market capitalization of $373.16 million, a P/E ratio of 16.17 and a beta of 1.69.

Nexxen International (NASDAQ:NEXN) last posted its quarterly earnings data on Wednesday, March 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.06. The company had revenue of $100.71 million during the quarter, compared to the consensus estimate of $100.39 million. Nexxen International had a net margin of 6.87% and a return on equity of 9.47%. On average, equities analysts predict that Nexxen International will post 0.25 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Nexxen International by 1,062.0% during the second quarter. Geode Capital Management LLC now owns 509,808 shares of the company’s stock worth $5,307,000 after acquiring an additional 465,936 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Nexxen International in the second quarter valued at approximately $90,000. Rhumbline Advisers increased its stake in shares of Nexxen International by 1,244.5% during the second quarter. Rhumbline Advisers now owns 59,926 shares of the company’s stock worth $624,000 after purchasing an additional 55,469 shares during the period. New York State Common Retirement Fund bought a new position in shares of Nexxen International during the second quarter worth approximately $124,000. Finally, JB Capital Partners LP lifted its holdings in Nexxen International by 1.8% during the 2nd quarter. JB Capital Partners LP now owns 3,555,097 shares of the company’s stock worth $37,009,000 after purchasing an additional 62,540 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.