Nexxen International (NASDAQ:NEXN) Shares Down 6.4% – Here’s What Happened

Nexxen International Ltd. (NASDAQ:NEXN)’s stock price traded down 6.4% during trading on Tuesday . The stock traded as low as $8.41 and last traded at $8.45. 211,282 shares changed hands during mid-day trading, an increase of 201% from the average session volume of 70,146 shares. The stock had previously closed at $9.03.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Royal Bank of Canada raised their price target on shares of Nexxen International from $9.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Lake Street Capital boosted their price objective on shares of Nexxen International from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Needham & Company LLC boosted their price objective on shares of Nexxen International from $8.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.30.

Nexxen International Stock Down 3.3 %

The firm has a market cap of $580.89 million, a P/E ratio of 225.75 and a beta of 1.86. The company’s 50-day simple moving average is $7.89 and its 200 day simple moving average is $6.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.47 and a quick ratio of 1.47.

Nexxen International (NASDAQ:NEXN) last released its earnings results on Thursday, August 22nd. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $88.58 million during the quarter, compared to analyst estimates of $85.75 million. Nexxen International had a return on equity of 7.47% and a net margin of 3.96%. During the same quarter last year, the business earned $0.03 earnings per share. Research analysts anticipate that Nexxen International Ltd. will post 0.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Nexxen International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new stake in Nexxen International during the 2nd quarter worth $810,000. Dimensional Fund Advisors LP acquired a new position in Nexxen International in the second quarter valued at about $451,000. Rock Point Advisors LLC purchased a new stake in Nexxen International during the second quarter worth about $3,562,000. Rice Hall James & Associates LLC purchased a new stake in shares of Nexxen International during the third quarter worth approximately $2,449,000. Finally, Blue Trust Inc. boosted its holdings in Nexxen International by 221.7% in the third quarter. Blue Trust Inc. now owns 5,704 shares of the company’s stock valued at $46,000 after purchasing an additional 3,931 shares in the last quarter. Hedge funds and other institutional investors 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.