Millennium Management LLC Raises Stake in Nexxen International Ltd. (NASDAQ:NEXN)

Millennium Management LLC lifted its position in shares of Nexxen International Ltd. (NASDAQ:NEXN - Free Report) by 45.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,742 shares of the company's stock after purchasing an additional 30,973 shares during the period. Millennium Management LLC owned 0.15% of Nexxen International worth $989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cresset Asset Management LLC bought a new position in shares of Nexxen International during the 4th quarter worth approximately $210,000. Bank of America Corp DE boosted its position 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 worth $151,000 after purchasing an additional 14,351 shares during the last quarter. Jane Street Group LLC bought a new position in Nexxen International in the 4th quarter valued at $121,000. Marshall Wace LLP increased its position in shares of Nexxen International by 471.0% during the 4th quarter. Marshall Wace LLP now owns 382,924 shares of the company's stock valued at $3,837,000 after purchasing an additional 315,864 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in shares of Nexxen International during the 4th quarter worth $642,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NEXN shares. Royal Bank of Canada raised their price objective on shares of Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Wall Street Zen downgraded Nexxen International from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $16.00 target price on shares of Nexxen International in a research report on Friday, May 30th. Craig Hallum assumed coverage on Nexxen International in a research note on Thursday, April 10th. They set a "buy" rating and a $15.00 price target for the company. Finally, Raymond James raised shares of Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 price objective on the stock in a report on Monday, May 5th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $15.33.

Nexxen International Price Performance

Shares of NEXN traded down $0.17 during trading hours on Monday, reaching $10.55. 351,472 shares of the company's stock traded hands, compared to its average volume of 176,735. Nexxen International Ltd. has a 12 month low of $6.93 and a 12 month high of $21.88. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a market cap of $669.05 million, a PE ratio of 263.75 and a beta of 1.82. The firm's 50 day simple moving average is $10.10 and its 200-day simple moving average is $13.79.

Nexxen International declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 5th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

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.