Needham & Company LLC Lowers Nexxen International (NASDAQ:NEXN) Price Target to $9.00

Nexxen International (NASDAQ:NEXN) had its target price cut by investment analysts at Needham & Company LLC from $14.00 to $9.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 39.97% from the stock’s current price.

A number of other equities research analysts also recently commented on NEXN. BTIG Research assumed coverage on Nexxen International in a research report on Tuesday, October 7th. They issued a “buy” rating and a $13.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $16.00 price objective on shares of Nexxen International in a report on Friday, August 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexxen International in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Nexxen International from a “buy” rating to a “hold” rating in a research report on Friday, August 22nd. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Nexxen International has a consensus rating of “Moderate Buy” and an average price target of $12.60.

Nexxen International Stock Up 1.7%

Shares of NEXN stock opened at $6.43 on Thursday. The company’s fifty day simple moving average is $8.69 and its two-hundred day simple moving average is $9.80. Nexxen International has a 52 week low of $6.08 and a 52 week high of $12.60. The stock has a market cap of $407.79 million, a P/E ratio of 10.72 and a beta of 1.70. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04.

Nexxen International declared that its Board of Directors has approved a share buyback program on Friday, August 15th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. JB Capital Partners LP raised its stake 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 acquiring an additional 3,357,707 shares during the period. Geode Capital Management LLC boosted its stake 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 worth $5,307,000 after purchasing an additional 465,936 shares during the period. ARK Investment Management LLC bought a new position in Nexxen International during the 3rd quarter valued at about $1,798,000. Harbor Capital Advisors Inc. purchased a new stake in Nexxen International in the 3rd quarter worth about $1,239,000. Finally, BNP Paribas Financial Markets lifted its stake in Nexxen International by 354.1% in the second quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company’s stock worth $1,271,000 after purchasing an additional 95,219 shares during the last quarter. Institutional investors own 54.24% of the company’s stock.

Nexxen International Company Profile

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.