Nexxen International Ltd. (NASDAQ:NEXN) Receives Average Recommendation of “Buy” from Brokerages

Nexxen International Ltd. (NASDAQ:NEXN) has been assigned a consensus recommendation of “Buy” from the nine brokerages that are currently covering the firm, MarketBeat reports. Nine research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have covered the stock in the last year is $15.33.

NEXN has been the subject of several research analyst reports. Scotiabank started coverage on Nexxen International in a report on Monday, March 31st. They issued a “sector outperform” rating and a $17.00 price objective for the company. Craig Hallum initiated coverage on Nexxen International in a research report on Thursday, April 10th. They set a “buy” rating and a $15.00 price target on the stock. Canaccord Genuity Group raised their price objective on Nexxen International from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Rosenblatt Securities reissued a “buy” rating and issued a $16.00 target price on shares of Nexxen International in a report on Friday, May 30th. Finally, Wall Street Zen lowered shares of Nexxen International from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEXN. JB Capital Partners LP lifted its position in shares of Nexxen International by 2,490.0% in the first quarter. JB Capital Partners LP now owns 3,492,557 shares of the company’s stock valued at $29,163,000 after buying an additional 3,357,707 shares during the last quarter. Marshall Wace LLP grew its stake in Nexxen International by 471.0% during the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock worth $3,837,000 after buying an additional 315,864 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Nexxen International by 176.1% in the 4th quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after purchasing an additional 276,600 shares in the last quarter. Rice Hall James & Associates LLC lifted its position in shares of Nexxen International by 86.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock worth $5,687,000 after buying an additional 262,961 shares during the last quarter. Finally, Rock Point Advisors LLC raised its stake in Nexxen International by 32.7% during 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. 54.24% of the stock is currently owned by institutional investors.

Nexxen International Price Performance

NEXN opened at $9.94 on Monday. The company has a market capitalization of $630.36 million, a P/E ratio of 248.50 and a beta of 1.82. The company has a 50-day moving average of $10.33 and a 200-day moving average of $13.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. Nexxen International has a 1-year low of $6.93 and a 1-year high of $21.88.

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

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.