Nexxen International (NASDAQ:NEXN) Coverage Initiated by Analysts at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group assumed coverage on shares of Nexxen International (NASDAQ:NEXN) in a report released on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 57.27% from the company’s previous close.

NEXN has been the subject of several other reports. Needham & Company LLC reiterated 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 lifted their target price on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a report on Monday, January 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Nexxen International Stock Performance

NASDAQ NEXN opened at $7.63 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. Nexxen International has a 1-year low of $6.93 and a 1-year high of $21.88. The firm has a market capitalization of $483.87 million, a P/E ratio of 190.75 and a beta of 1.91. The business’s 50-day simple moving average is $12.80 and its 200-day simple moving average is $15.99.

Nexxen International declared that its board has approved a share repurchase program on Wednesday, March 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Nexxen International

A number of large investors have recently added to or reduced their stakes in the company. Advisors Preferred LLC acquired a new position in Nexxen International in the 4th quarter worth $69,000. GAMMA Investing LLC lifted its stake in shares of Nexxen International by 2,021.9% in the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after acquiring an additional 8,027 shares in the last quarter. Virtu Financial LLC purchased a new position in Nexxen International in the fourth quarter valued at about $110,000. D.A. Davidson & CO. acquired a new stake in Nexxen International during the 4th quarter valued at approximately $121,000. Finally, Jane Street Group LLC purchased a new stake in Nexxen International during the 4th quarter worth approximately $121,000. 54.24% of the stock is owned by institutional investors and hedge funds.

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.