Nexxen International (NASDAQ:NEXN) Sees Large Volume Increase – Still a Buy?

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw strong trading volume on Wednesday . 326,747 shares traded hands during trading, an increase of 190% from the previous session’s volume of 112,727 shares.The stock last traded at $8.00 and had previously closed at $7.70.

Analysts Set New Price Targets

NEXN has been the subject of several recent research reports. Scotiabank assumed coverage on Nexxen International in a research note on Monday, March 31st. They issued a “sector outperform” rating and a $17.00 price target for the company. Canaccord Genuity Group initiated coverage on shares of Nexxen International in a research report on Wednesday, March 26th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of Nexxen International in a report on Thursday, March 6th. Craig Hallum assumed coverage on shares of Nexxen International in a report on Thursday. They set a “buy” rating and a $15.00 price target on the stock. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a report on Monday, January 27th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nexxen International presently has an average rating of “Moderate Buy” and an average price target of $16.75.

Nexxen International Trading Up 1.5 %

The firm has a fifty day moving average price of $10.07 and a 200-day moving average price of $15.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market capitalization of $548.56 million, a P/E ratio of 216.25 and a beta of 1.81.

Nexxen International declared that its board 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 repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Nexxen International

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Nexxen International by 234.6% during the 1st quarter. GAMMA Investing LLC now owns 28,190 shares of the company’s stock valued at $235,000 after buying an additional 19,766 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Nexxen International during the fourth quarter valued at about $593,000. Numerai GP LLC purchased a new stake in shares of Nexxen International during the 4th quarter valued at approximately $315,000. Millennium Management LLC grew its stake in Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after buying an additional 30,973 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new stake in Nexxen International during the 4th quarter valued at $210,000. Hedge funds and other institutional investors 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.