Canaccord Genuity Group Issues Positive Forecast for Nexxen International (NASDAQ:NEXN) Stock Price

Nexxen International (NASDAQ:NEXN) had its target price raised by analysts at Canaccord Genuity Group from $12.00 to $14.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 13.64% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Scotiabank started coverage on Nexxen International in a research note on Monday, March 31st. They issued a “sector outperform” rating and a $17.00 price objective on the stock. Rosenblatt Securities initiated coverage on shares of Nexxen International in a research report on Tuesday, April 29th. They set a “buy” rating and a $15.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Raymond James upgraded Nexxen International from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a research note on Monday, May 5th. Finally, Craig Hallum began coverage on shares of Nexxen International in a report on Thursday, April 10th. They issued a “buy” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.40.

Nexxen International Stock Up 4.3%

NEXN stock opened at $12.32 on Monday. The firm’s 50-day moving average is $8.83 and its two-hundred day moving average is $14.45. The company has a market capitalization of $781.30 million, a price-to-earnings ratio of 308.00 and a beta of 1.78. Nexxen International has a 52 week low of $6.93 and a 52 week high of $21.88. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

Nexxen International announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rock Point Advisors LLC increased its position in Nexxen International by 32.7% in the 1st quarter. Rock Point Advisors LLC now owns 643,492 shares of the company’s stock valued at $5,373,000 after acquiring an additional 158,397 shares in the last quarter. Rice Hall James & Associates LLC grew its stake in shares of Nexxen International by 86.3% during the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock valued at $5,687,000 after purchasing an additional 262,961 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Nexxen International by 176.1% in the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after purchasing an additional 276,600 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Nexxen International by 471.0% in the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock valued at $3,837,000 after purchasing an additional 315,864 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Nexxen International in the 4th quarter worth approximately $1,456,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.