Nexxen International (NASDAQ:NEXN) Trading Up 7.5% – Should You Buy?

Nexxen International Ltd. (NASDAQ:NEXN) shot up 7.5% during mid-day trading on Tuesday . The company traded as high as $11.33 and last traded at $11.42. 90,905 shares were traded during mid-day trading, a decline of 44% from the average session volume of 162,674 shares. The stock had previously closed at $10.62.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NEXN. Rosenblatt Securities lifted their price objective on shares of Nexxen International from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Raymond James upgraded Nexxen International from a “market perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research note on Monday, May 5th. Royal Bank of Canada lifted their price target on Nexxen International from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, May 12th. Scotiabank assumed coverage on Nexxen International in a research note on Monday, March 31st. They set a “sector outperform” rating and a $17.00 price target on the stock. Finally, Craig Hallum initiated coverage on Nexxen International in a report on Thursday, April 10th. They issued a “buy” rating and a $15.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Nexxen International currently has an average rating of “Buy” and an average target price of $15.33.

Nexxen International Price Performance

The firm has a 50-day simple moving average of $9.45 and a two-hundred day simple moving average of $14.13. The company has a market capitalization of $743.88 million, a price-to-earnings ratio of 293.38 and a beta of 1.78. 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 has approved a stock repurchase program on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Advisors Preferred LLC acquired a new position in shares of Nexxen International in the 4th quarter valued at $69,000. Virtu Financial LLC acquired a new stake in shares of Nexxen International during the 4th quarter valued at about $110,000. D.A. Davidson & CO. acquired a new stake in shares of Nexxen International during the 4th quarter valued at about $121,000. Jane Street Group LLC purchased a new position in shares of Nexxen International in the 4th quarter valued at about $121,000. Finally, Sei Investments Co. acquired a new position in Nexxen International in the 4th quarter worth about $127,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

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.