Nexxen International (NASDAQ:NEXN) Downgraded to "Hold" Rating by 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.

Nexxen International (NASDAQ:NEXN - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

NEXN has been the topic of a number of other research reports. JMP Securities reaffirmed a "market outperform" rating and set a $15.00 price objective on shares of Nexxen International in a research report on Friday, May 23rd. Raymond James Financial 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 report on Monday, May 5th. Rosenblatt Securities reaffirmed a "buy" rating and set a $16.00 price objective on shares of Nexxen International in a research report on Friday. Canaccord Genuity Group raised their price objective on Nexxen International from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price objective on shares of Nexxen International in a research report on Friday, May 23rd. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $15.00.

Nexxen International Stock Performance

Shares of Nexxen International stock opened at $10.17 on Friday. The firm has a market cap of $644.98 million, a P/E ratio of 16.14 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 has a 12 month low of $6.93 and a 12 month high of $12.60. The stock's fifty day moving average price is $10.09 and its 200-day moving average price is $9.68.

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

Institutional Investors Weigh In On Nexxen International

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Nexxen International by 234.6% during the first quarter. GAMMA Investing LLC now owns 28,190 shares of the company's stock worth $235,000 after purchasing an additional 19,766 shares during the period. Millennium Management LLC raised its position in Nexxen International by 45.7% during the fourth quarter. Millennium Management LLC now owns 98,742 shares of the company's stock valued at $989,000 after acquiring an additional 30,973 shares in the last quarter. Bank of America Corp DE raised its position in 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 valued at $151,000 after acquiring an additional 14,351 shares in the last quarter. Jane Street Group LLC purchased a new position in Nexxen International during the fourth quarter valued at approximately $121,000. Finally, Two Sigma Investments LP purchased a new position in Nexxen International during the fourth quarter valued at approximately $593,000. 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.

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