BTIG Research Initiates Coverage on Nexxen International (NASDAQ:NEXN)

Key Points

• BTIG Research has initiated coverage on Nexxen International with a "buy" rating and a price target of $13.00, indicating a potential upside of 52.94% from the stock's previous close.
• The company has a share repurchase program allowing for the repurchase of $20.00 million in shares, which suggests that leadership believes the stock is currently undervalued.
• Institutional investor interest is significant, with 54.24% of the stock owned by hedge funds and other institutional investors, reflecting strong confidence in the company's prospects.

Investment analysts at BTIG Research started coverage on shares of Nexxen International (NASDAQ:NEXN - Get Free Report) in a report released on Tuesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $13.00 price target on the stock. BTIG Research's target price points to a potential upside of 52.94% from the stock's previous close.

Several other research analysts have also commented on the company. Wall Street Zen lowered Nexxen International from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd. Rosenblatt Securities restated a "buy" rating and set a $16.00 target price on shares of Nexxen International in a report on Friday, August 22nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Nexxen International in a research note on Saturday, September 27th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Nexxen International currently has an average rating of "Moderate Buy" and an average target price of $14.78.

Nexxen International Trading Up 1.7%

Shares of NEXN stock traded up $0.14 during trading hours on Tuesday, hitting $8.50. The company had a trading volume of 81,901 shares, compared to its average volume of 411,235. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $539.07 million, a PE ratio of 13.49 and a beta of 1.71. The company's fifty day moving average is $9.64 and its 200 day moving average is $9.92. Nexxen International has a fifty-two week low of $6.93 and a fifty-two week high of $12.60.

Nexxen International declared that its Board of Directors has initiated a share repurchase program on Friday, August 15th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Nexxen International

Institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Nexxen International by 1,898.3% in the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company's stock valued at $151,000 after buying an additional 14,351 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Nexxen International by 234.6% in the 1st quarter. GAMMA Investing LLC now owns 28,190 shares of the company's stock valued at $235,000 after purchasing an additional 19,766 shares during the last quarter. Rock Point Advisors LLC raised its stake in shares of Nexxen International by 32.7% during the first quarter. Rock Point Advisors LLC now owns 643,492 shares of the company's stock worth $5,373,000 after purchasing an additional 158,397 shares during the last quarter. Cornerstone Investment Partners LLC acquired a new stake in shares of Nexxen International during the first quarter worth $174,000. Finally, Navellier & Associates Inc. grew its position in Nexxen International by 1.2% in the 1st quarter. Navellier & Associates Inc. now owns 99,374 shares of the company's stock valued at $830,000 after buying an additional 1,182 shares during the last quarter. 54.24% of the stock is owned by hedge funds and other institutional investors.

About Nexxen International

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.

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