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

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw unusually-high trading volume on Wednesday . Approximately 110,213 shares changed hands during trading, an increase of 5% from the previous session’s volume of 104,547 shares.The stock last traded at $8.63 and had previously closed at $8.51.

Wall Street Analysts Forecast Growth

NEXN has been the topic of a number of analyst reports. Royal Bank of Canada increased their price target 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 reissued a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Canaccord Genuity Group assumed coverage on Nexxen International in a research report on Wednesday, March 26th. They set a “buy” rating and a $12.00 price target on the stock. Scotiabank assumed coverage on shares of Nexxen International in a report on Monday. They issued a “sector outperform” rating and a $17.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of Nexxen International in a research note on Thursday, March 6th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Nexxen International Price Performance

The business’s 50 day moving average is $12.07 and its 200-day moving average is $15.87. The firm has a market capitalization of $550.46 million, a P/E ratio of 217.00 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 announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Advisors Preferred LLC bought a new position in shares of Nexxen International during the fourth quarter valued at $69,000. GAMMA Investing LLC boosted its stake in shares of Nexxen International by 2,021.9% in the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after purchasing an additional 8,027 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Nexxen International during the fourth quarter worth $110,000. D.A. Davidson & CO. bought a new position in Nexxen International during the fourth quarter worth $121,000. Finally, Jane Street Group LLC bought a new stake in Nexxen International during the fourth quarter valued at $121,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.