Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) Receives $15.00 Average PT from Brokerages

Key Points

• Nexxen International Ltd. has received a consensus rating of "Buy" from eight research firms, with an average 12-month target price of $15.00.
• Institutional investors have increased their holdings in Nexxen International significantly, with the State of Tennessee Department of Treasury raising its share ownership by 470.3% in the second quarter.
• The company announced a stock repurchase plan authorizing the buyback of $20.00 million in shares, indicating confidence from leadership regarding the stock's valuation.

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) have received an average recommendation of "Buy" from the eight ratings firms that are covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $15.00.

NEXN has been the subject of a number of recent analyst reports. Wall Street Zen lowered Nexxen International from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd. Canaccord Genuity Group increased their price target on Nexxen International from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. JMP Securities reiterated a "market outperform" rating and issued a $15.00 price target on shares of Nexxen International in a research report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and issued a $16.00 price target on shares of Nexxen International in a research report on Friday, August 22nd. Finally, Royal Bank Of Canada increased their price target on Nexxen International from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Monday, May 12th.

Nexxen International Price Performance

NEXN stock traded down $0.02 during trading hours on Friday, hitting $9.84. 206,600 shares of the stock traded hands, compared to its average volume of 392,329. The stock has a 50-day simple moving average of $10.09 and a 200 day simple moving average of $9.68. Nexxen International has a one year low of $6.93 and a one year high of $12.60. The company has a market cap of $624.05 million, a P/E ratio of 15.62 and a beta of 1.74. 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 declared that its board has authorized a share buyback plan on Friday, August 15th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

A number of hedge funds and other institutional investors have recently modified their holdings of NEXN. California State Teachers Retirement System purchased a new stake in Nexxen International in the 2nd quarter worth about $25,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Nexxen International in the 2nd quarter worth about $90,000. New York State Common Retirement Fund purchased a new stake in Nexxen International in the 2nd quarter worth about $124,000. Jane Street Group LLC purchased a new stake in Nexxen International in the 4th quarter worth about $121,000. Finally, Bank of America Corp DE lifted its stake in 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 in the last quarter. Institutional investors and hedge funds own 54.24% of the company's stock.

Nexxen International Company Profile

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.