Nexxen International (NASDAQ:NEXN) Earns Buy Rating from Analysts at Craig Hallum

Analysts at Craig Hallum initiated coverage on shares of Nexxen International (NASDAQ:NEXN) in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm set a “buy” rating and a $15.00 price target on the stock. Craig Hallum’s price objective would suggest a potential upside of 73.41% from the stock’s previous close.

Several other brokerages have also commented on NEXN. Canaccord Genuity Group began coverage on Nexxen International in a research note on Wednesday, March 26th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of Nexxen International in a research report on Thursday, March 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Scotiabank assumed coverage on shares of Nexxen International in a research note on Monday, March 31st. They set a “sector outperform” rating and a $17.00 price objective on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.75.

Nexxen International Stock Up 1.5 %

Shares of NASDAQ:NEXN opened at $8.65 on Thursday. 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 business’s 50 day moving average is $9.85 and its 200 day moving average is $15.35. The stock has a market cap of $548.56 million, a P/E ratio of 216.25 and a beta of 1.81. Nexxen International has a 52-week low of $6.93 and a 52-week high of $21.88.

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

Institutional Investors Weigh In On Nexxen International

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Nexxen International by 234.6% during the 1st quarter. GAMMA Investing LLC now owns 28,190 shares of the company’s stock valued at $235,000 after purchasing an additional 19,766 shares during the last quarter. Two Sigma Investments LP purchased a new position in Nexxen International during the 4th quarter worth $593,000. Numerai GP LLC acquired a new position in Nexxen International during the 4th quarter valued at about $315,000. Millennium Management LLC raised its stake in Nexxen International by 45.7% in the fourth quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after buying an additional 30,973 shares during the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in Nexxen International in the fourth quarter worth about $210,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

About Nexxen International

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.