Scotiabank Begins Coverage on Nexxen International (NASDAQ:NEXN)

Scotiabank started coverage on shares of Nexxen International (NASDAQ:NEXN) in a research note released on Monday, MarketBeat reports. The firm issued a sector outperform rating and a $17.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of Nexxen International in a research note on Monday, January 27th. Royal Bank of Canada upped their price target on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Canaccord Genuity Group initiated coverage on shares of Nexxen International in a research report on Wednesday, March 26th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Nexxen International in a report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Nexxen International Price Performance

Shares of NEXN stock opened at $8.35 on Monday. The firm’s 50 day moving average price is $12.30 and its two-hundred day moving average price is $15.92. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. Nexxen International has a 52-week low of $6.93 and a 52-week high of $21.88. The stock has a market cap of $529.53 million, a PE ratio of 208.75 and a beta of 1.91.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEXN. Tidal Investments LLC lifted its position in Nexxen International by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after acquiring an additional 2,125 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Nexxen International in the fourth quarter valued at about $69,000. GAMMA Investing LLC lifted its holdings 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 valued at $84,000 after purchasing an additional 8,027 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Nexxen International during the fourth quarter worth about $110,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of 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 in 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.