Nexxen International (NASDAQ:NEXN) Sees Strong Trading Volume – Here’s Why

Nexxen International Ltd. (NASDAQ:NEXN) shares saw unusually-high trading volume on Wednesday . Approximately 154,081 shares were traded during mid-day trading, an increase of 93% from the previous session’s volume of 79,681 shares.The stock last traded at $7.96 and had previously closed at $8.23.

Analysts Set New Price Targets

NEXN has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. JMP Securities restated a “market outperform” rating and issued a $22.00 target price on shares of Nexxen International in a research report on Monday, January 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of Nexxen International in a research report on Thursday, March 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Nexxen International Price Performance

The company’s 50 day moving average price is $15.37 and its 200-day moving average price is $16.55. The stock has a market cap of $464.85 million, a P/E ratio of 183.25 and a beta of 1.91. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04.

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

Hedge Funds Weigh In On Nexxen International

A number of hedge funds have recently bought and sold shares of NEXN. Quadrature Capital Ltd bought a new position in Nexxen International during the third quarter worth $123,000. Tidal Investments LLC increased its stake in Nexxen International by 4.6% in the third quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after purchasing an additional 2,125 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after purchasing an additional 11,346 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after buying an additional 8,027 shares during the last quarter. Finally, Advisors Preferred LLC acquired a new position in shares of Nexxen International during the fourth quarter valued at about $69,000. Institutional investors 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.