Nexxen International (NASDAQ:NEXN) to Repurchase $40.00 million in Stock

Nexxen International (NASDAQ:NEXN) declared that its board has approved a stock repurchase program on Friday, January 2nd, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization permits the company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

NEXN has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut their price target on Nexxen International from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, November 14th. Weiss Ratings restated a “hold (c)” rating on shares of Nexxen International in a research report on Wednesday, October 8th. Canaccord Genuity Group reduced their price target on Nexxen International from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, November 14th. BTIG Research lowered their price target on Nexxen International from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Nexxen International in a report on Monday, December 29th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Nexxen International Price Performance

Shares of NASDAQ NEXN opened at $6.32 on Monday. Nexxen International has a twelve month low of $6.08 and a twelve month high of $12.60. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $6.94 and a two-hundred day moving average of $8.72. The company has a market capitalization of $358.66 million, a price-to-earnings ratio of 10.53 and a beta of 1.71.

Nexxen International Company Profile

Tremor International Ltd provides end-to-end software platform that enables advertisers to reach relevant audiences and publishers. 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. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns.