Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) Receives Average Rating of "Buy" from Brokerages

Key Points

• Nexxen International Ltd. (NASDAQ:NEXN) has received a consensus rating of "Buy" from eight analysts, with an average 12-month price target of $15.00.
• The company recently launched a $20 million share buyback program, indicating that its leadership believes the stock is undervalued.
• Shares of Nexxen International have experienced a 1.6% decline in value and currently trade at $9.50, with a 52-week range of $6.93 to $12.60.

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) have earned an average recommendation of "Buy" from the eight ratings firms that are currently covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $15.00.

NEXN has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Nexxen International in a research note on Friday, May 23rd. JMP Securities reissued a "market outperform" rating and set a $15.00 price target on shares of Nexxen International in a research report on Friday, May 23rd. Rosenblatt Securities reissued a "buy" rating and set a $16.00 price target on shares of Nexxen International in a research report on Friday, August 22nd. Finally, Wall Street Zen lowered shares of Nexxen International from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd.

Hedge Funds Weigh In On Nexxen International

Several hedge funds have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in Nexxen International during the fourth quarter valued at approximately $121,000. Bank of America Corp DE lifted its holdings in shares of Nexxen International by 1,898.3% in the 4th quarter. Bank of America Corp DE now owns 15,107 shares of the company's stock worth $151,000 after acquiring an additional 14,351 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company's stock worth $989,000 after acquiring an additional 30,973 shares during the last quarter. Two Sigma Investments LP bought a new stake in Nexxen International during the 4th quarter valued at $593,000. Finally, GAMMA Investing LLC raised its holdings in Nexxen International by 234.6% during the 1st quarter. GAMMA Investing LLC now owns 28,190 shares of the company's stock valued at $235,000 after buying an additional 19,766 shares during the last quarter. Hedge funds and other institutional investors own 54.24% of the company's stock.

Nexxen International Stock Up 1.4%

NASDAQ:NEXN traded up $0.13 during trading hours on Wednesday, reaching $9.49. The company had a trading volume of 810,425 shares, compared to its average volume of 328,815. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04. The firm has a market cap of $601.86 million, a price-to-earnings ratio of 15.06 and a beta of 1.74. The business's 50-day simple moving average is $9.96 and its two-hundred day simple moving average is $9.78. Nexxen International has a twelve month low of $6.93 and a twelve month high of $12.60.

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

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.