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

Nexxen International Ltd. (NASDAQ:NEXN) gapped up prior to trading on Monday . The stock had previously closed at $10.34, but opened at $10.73. Nexxen International shares last traded at $10.81, with a volume of 102,526 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NEXN shares. JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of Nexxen International in a research report on Thursday, March 6th. Rosenblatt Securities assumed coverage on shares of Nexxen International in a research report on Tuesday, April 29th. They issued a “buy” rating and a $15.00 price target on the stock. Craig Hallum initiated coverage on shares of Nexxen International in a research note on Thursday, April 10th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, Canaccord Genuity Group assumed coverage on shares of Nexxen International in a research note on Wednesday, March 26th. They set a “buy” rating and a $12.00 target price for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.40.

Nexxen International Stock Up 0.2 %

The company has a market cap of $688.71 million, a price-to-earnings ratio of 271.50 and a beta of 1.78. The stock’s 50-day moving average is $8.50 and its 200-day moving average is $14.61. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

Nexxen International declared that its board has initiated a share buyback program on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Nexxen International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Preferred LLC bought a new position in Nexxen International in the fourth quarter worth approximately $69,000. GAMMA Investing LLC raised its position in shares of Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after purchasing an additional 8,027 shares during the period. Virtu Financial LLC bought a new position in shares of Nexxen International in the 4th quarter worth $110,000. D.A. Davidson & CO. acquired a new stake in Nexxen International in the 4th quarter valued at $121,000. Finally, Jane Street Group LLC bought a new stake in Nexxen International during the 4th quarter valued at $121,000. 54.24% of the stock is owned by institutional investors.

Nexxen International Company Profile

Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. 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.