Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Up 23.6% in May

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 574,200 shares, a growth of 23.6% from the April 30th total of 464,700 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average daily volume of 465,600 shares, the days-to-cover ratio is currently 1.2 days.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NEXN shares. Rosenblatt Securities reissued a "buy" rating and set a $16.00 target price on shares of Nexxen International in a research note on Friday, May 30th. JMP Securities reissued a "market outperform" rating and set a $15.00 target price on shares of Nexxen International in a research note on Friday, May 23rd. Raymond James raised Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 price objective on the stock in a research note on Monday, May 5th. Royal Bank of Canada lifted their price objective on Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Finally, Craig Hallum assumed coverage on Nexxen International in a research note on Thursday, April 10th. They issued a "buy" rating and a $15.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $15.33.

Nexxen International Trading Down 0.6%

Shares of NASDAQ NEXN traded down $0.07 during trading hours on Friday, hitting $10.72. 314,037 shares of the company traded hands, compared to its average volume of 175,380. The stock has a market capitalization of $679.83 million, a price-to-earnings ratio of 268.00 and a beta of 1.82. 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 company's 50 day moving average price is $10.10 and its 200 day moving average price is $13.87. Nexxen International has a 12 month low of $6.93 and a 12 month high of $21.88.

Nexxen International declared that its board has authorized a stock buyback plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Several large investors have recently modified their holdings of NEXN. Advisors Preferred LLC bought a new position in shares of Nexxen International during the 4th quarter valued at approximately $69,000. Virtu Financial LLC purchased a new position in Nexxen International during the 4th quarter valued at $110,000. D.A. Davidson & CO. purchased a new position in Nexxen International during the 4th quarter valued at $121,000. Jane Street Group LLC purchased a new position in Nexxen International during the 4th quarter valued at $121,000. Finally, Sei Investments Co. purchased a new position in Nexxen International during the 4th quarter valued at $127,000. Institutional investors own 54.24% of the company's stock.

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.