Needham & Company LLC Has Lowered Expectations for Nexxen International (NASDAQ:NEXN) Stock Price

Key Points

• Needham & Company cut its price target for Nexxen International from $9.00 to $7.50 but kept a "buy" rating, implying roughly a 12.3% upside from the prior close.
• Several other brokers have trimmed targets (e.g., RBC, Canaccord, Citizens to $12), yet the consensus remains a Moderate Buy with an average analyst price target of $12.06 (eight Buys, two Holds).
• Nexxen recently beat quarterly EPS estimates ($0.33 vs. $0.27), trades around $6.68 with a market cap near $379M, and its board authorized a $40M share repurchase (up to 9.9% of shares outstanding).

Nexxen International (NASDAQ:NEXN - Get Free Report) had its target price decreased by research analysts at Needham & Company LLC from $9.00 to $7.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 12.28% from the company's previous close.

NEXN has been the subject of a number of other reports. Royal Bank Of Canada reduced their target price on shares of Nexxen International from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Friday, November 14th. Canaccord Genuity Group reduced their price objective 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. Citizens Jmp lowered their target price on Nexxen International from $15.00 to $12.00 and set a "market outperform" rating on the stock in a research report on Friday, November 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexxen International in a research report on Thursday, January 22nd. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $15.00 price target on shares of Nexxen International in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Nexxen International has a consensus rating of "Moderate Buy" and an average price target of $12.06.

Nexxen International Stock Up 3.6%

Shares of Nexxen International stock opened at $6.68 on Wednesday. Nexxen International has a twelve month low of $5.60 and a twelve month high of $12.60. The stock has a market capitalization of $379.08 million, a price-to-earnings ratio of 11.13 and a beta of 1.69. 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 business's 50 day simple moving average is $6.19 and its 200-day simple moving average is $7.51.

Nexxen International (NASDAQ:NEXN - Get Free Report) last issued its earnings results on Wednesday, March 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.06. Nexxen International had a return on equity of 12.23% and a net margin of 10.46%.The firm had revenue of $100.71 million for the quarter, compared to analyst estimates of $100.39 million. Equities research analysts forecast that Nexxen International will post 0.25 earnings per share for the current year.

Nexxen International declared that its board has initiated a share repurchase program on Thursday, November 20th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 9.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

Large investors have recently made changes to their positions in the business. California State Teachers Retirement System bought a new position in shares of Nexxen International in the second quarter valued at $25,000. Navellier & Associates Inc. boosted its stake in shares of Nexxen International by 4.0% during the 3rd quarter. Navellier & Associates Inc. now owns 110,156 shares of the company's stock worth $1,019,000 after acquiring an additional 4,200 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Nexxen International in the 3rd quarter worth $43,000. Legato Capital Management LLC grew its holdings in shares of Nexxen International by 23.8% in the 4th quarter. Legato Capital Management LLC now owns 25,028 shares of the company's stock worth $164,000 after acquiring an additional 4,815 shares during the last quarter. Finally, Strs Ohio raised its position in shares of Nexxen International by 14.1% during the third quarter. Strs Ohio now owns 61,400 shares of the company's stock worth $568,000 after purchasing an additional 7,600 shares during the period. Institutional investors own 54.24% of the company's stock.

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. 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.

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