Nexxen International (NASDAQ:NEXN) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Nexxen International (NASDAQ:NEXN) in a research note released on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

A number of other research firms have also issued reports on NEXN. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of Nexxen International in a research report on Thursday, March 6th. Finally, Royal Bank of Canada boosted their price target on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Nexxen International Stock Down 4.1 %

Shares of NASDAQ:NEXN opened at $7.50 on Wednesday. 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. Nexxen International has a 52-week low of $6.93 and a 52-week high of $21.88. The stock’s fifty day simple moving average is $13.04 and its 200-day simple moving average is $16.05.

Nexxen International declared that its board has authorized 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 buy up to 8.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP acquired a new stake in shares of Nexxen International during the 4th quarter worth $593,000. Numerai GP LLC acquired a new stake in Nexxen International during the fourth quarter worth about $315,000. Millennium Management LLC raised its holdings in shares of Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock worth $989,000 after purchasing an additional 30,973 shares during the period. Cresset Asset Management LLC acquired a new position in shares of Nexxen International in the 4th quarter valued at about $210,000. Finally, Bank of America Corp DE grew its holdings in shares of Nexxen International by 1,898.3% during the 4th quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock worth $151,000 after purchasing an additional 14,351 shares during the period. 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.