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 ten analysts, with an average 1-year target price of $14.78.
• Recent institutional investors have increased their stakes, with California State Teachers Retirement System and New York State Common Retirement Fund making new purchases during the second quarter.
• The company has authorized a $20 million stock repurchase program, indicating that the board believes the stock is undervalued.

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) has been given a consensus rating of "Buy" by the ten analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $14.7778.

A number of equities research analysts recently weighed in on the stock. BTIG Research assumed coverage on shares of Nexxen International in a research note on Tuesday, October 7th. They issued a "buy" rating and a $13.00 target price on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $16.00 target price on shares of Nexxen International in a research note on Friday, August 22nd. Wall Street Zen downgraded shares of Nexxen International from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexxen International in a research note on Wednesday.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. California State Teachers Retirement System purchased a new position in shares of Nexxen International during the second quarter worth approximately $25,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Nexxen International during the second quarter worth approximately $90,000. New York State Common Retirement Fund purchased a new position in shares of Nexxen International during the second quarter worth approximately $124,000. Bank of America Corp DE raised its stake in shares of Nexxen International by 1,898.3% during the fourth 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 in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Nexxen International during the first quarter worth approximately $146,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

Nexxen International Price Performance

NEXN stock opened at $8.08 on Friday. The firm has a 50 day moving average of $9.48 and a 200-day moving average of $9.92. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. Nexxen International has a 12 month low of $6.93 and a 12 month high of $12.60. The firm has a market capitalization of $512.43 million, a P/E ratio of 12.83 and a beta of 1.71.

Nexxen International declared that its board has approved a stock repurchase program on Friday, August 15th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.4% of its shares through open market purchases. Shares 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.

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