Nexxen International (NASDAQ:NEXN) Trading 3.9% Higher – Should You Buy?

Nexxen International Ltd. (NASDAQ:NEXN) shares traded up 3.9% during trading on Tuesday . The company traded as high as $7.88 and last traded at $8.00. 22,641 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 93,532 shares. The stock had previously closed at $7.70.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NEXN. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of Nexxen International in a research note on Thursday, March 6th. Royal Bank of Canada raised their price target on Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Finally, Canaccord Genuity Group began coverage on Nexxen International in a research note on Wednesday. They set a “buy” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Nexxen International Trading Down 4.1 %

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $475.63 million, a P/E ratio of 187.50 and a beta of 1.91. The business has a fifty day moving average price of $13.04 and a 200 day moving average price of $16.05.

Nexxen International announced that its board has approved a stock buyback plan on Wednesday, March 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

A number of large investors have recently bought and sold shares of NEXN. Tidal Investments LLC lifted its position in shares of Nexxen International by 4.6% in the third quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock worth $386,000 after purchasing an additional 2,125 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Nexxen International during the 4th quarter worth approximately $69,000. GAMMA Investing LLC boosted its holdings in shares of Nexxen International by 2,021.9% in the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after buying an additional 8,027 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Nexxen International in the fourth quarter valued at $110,000. Finally, JPMorgan Chase & Co. increased its holdings in Nexxen International by 24.3% during the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock worth $466,000 after buying an additional 11,346 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.