Nexxen International (NASDAQ:NEXN) Cut to Hold at Wall Street Zen

Key Points

• Nexxen International was downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment regarding the stock's performance.
• Despite the downgrade, several other firms, including JMP Securities and Canaccord Genuity, have maintained positive outlooks on Nexxen with price targets ranging from $14.00 to $16.00.
• The company has authorized a share buyback program worth $20 million, which reflects management's belief that the stock may be undervalued in the market.

Wall Street Zen cut shares of Nexxen International (NASDAQ:NEXN - Free Report) from a buy rating to a hold rating in a research report report published on Friday morning.

A number of other equities analysts have also commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Raymond James Financial upgraded shares of Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 price objective on the stock in a report on Monday, May 5th. Rosenblatt Securities reiterated a "buy" rating and issued a $16.00 price objective on shares of Nexxen International in a report on Friday, August 22nd. Canaccord Genuity Group boosted their price objective on shares of Nexxen International from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $15.00 price objective on shares of Nexxen International in a report on Friday, May 23rd. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $15.00.

Nexxen International Stock Down 0.2%

Shares of NASDAQ:NEXN traded down $0.02 during midday trading on Friday, hitting $9.84. 206,600 shares of the company's stock traded hands, compared to its average volume of 392,329. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market cap of $624.05 million, a PE ratio of 15.62 and a beta of 1.74. The firm's fifty day moving average price is $10.09 and its two-hundred day moving average price is $9.68. 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 authorized a stock buyback program on Friday, August 15th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Nexxen International

A number of institutional investors have recently modified their holdings of the business. Navellier & Associates Inc. grew its position in shares of Nexxen International by 1.2% during the 1st quarter. Navellier & Associates Inc. now owns 99,374 shares of the company's stock valued at $830,000 after buying an additional 1,182 shares during the last quarter. California State Teachers Retirement System bought a new stake in shares of Nexxen International during the 2nd quarter valued at about $25,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Nexxen International during the 2nd quarter valued at about $90,000. New York State Common Retirement Fund bought a new stake in shares of Nexxen International during the 2nd quarter valued at about $124,000. Finally, Jane Street Group LLC bought a new stake in shares of Nexxen International during the 4th quarter valued at about $121,000. 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.