Nexxen International (NASDAQ:NEXN) Now Covered by Analysts at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group initiated coverage on shares of Nexxen International (NASDAQ:NEXN) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 53.45% from the stock’s previous close.

NEXN has been the subject of a number of other research reports. Royal Bank of Canada raised their price objective 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. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of Nexxen International in a report on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Nexxen International Price Performance

Shares of NEXN opened at $7.82 on Wednesday. The business has a 50-day simple moving average of $13.29 and a two-hundred day simple moving average of $16.11. Nexxen International has a 12-month low of $6.93 and a 12-month high of $21.88. The stock has a market cap of $495.92 million, a PE ratio of 195.50 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 repurchase program on Wednesday, March 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NEXN. GAMMA Investing LLC raised its stake in Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after buying an additional 8,027 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Nexxen International by 24.3% during the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after acquiring an additional 11,346 shares during the last quarter. D.A. Davidson & CO. acquired a new stake in Nexxen International during the 4th quarter worth about $121,000. Tidal Investments LLC raised its position in shares of Nexxen International by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock worth $386,000 after acquiring an additional 2,125 shares in the last quarter. Finally, Rice Hall James & Associates LLC lifted its stake in shares of Nexxen International by 86.3% in the 4th 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 period. 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.