Share Repurchase Plan Declared by Nexxen International (NASDAQ:NEXN) Board

Nexxen International (NASDAQ:NEXN) announced that its Board of Directors has authorized a share repurchase program on Friday, January 2nd, RTT News reports. The company plans to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Nexxen International Stock Performance

NASDAQ:NEXN traded down $0.22 during trading hours on Friday, reaching $6.32. The stock had a trading volume of 508,307 shares, compared to its average volume of 342,492. Nexxen International has a 12-month low of $6.08 and a 12-month high of $12.60. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a 50 day simple moving average of $6.94 and a 200 day simple moving average of $8.72. The stock has a market cap of $358.66 million, a P/E ratio of 10.53 and a beta of 1.71.

Analysts Set New Price Targets

Several equities research analysts recently commented on NEXN shares. Needham & Company LLC lowered their price objective on shares of Nexxen International from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price target on shares of Nexxen International in a research note on Monday. Canaccord Genuity Group dropped their price objective on shares of Nexxen International from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, November 14th. BTIG Research cut their price objective on shares of Nexxen International from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Finally, Royal Bank Of Canada reduced their target price on Nexxen International from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

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. 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.