Nexxen International (NASDAQ:NEXN) Given New $13.00 Price Target at BTIG Research

Key Points

• BTIG Research raised Nexxen International’s price target from $10 to $13 and maintained a “buy” rating, implying 20.59% upside from the prior close.
• Analyst sentiment remains favorable, with nine “buy” ratings and one “hold”; the stock has an average rating of “Moderate Buy” and a consensus target of $12.22.
• Nexxen exceeded quarterly expectations, reporting $0.23 in EPS versus $0.20 expected and revenue of $100.52 million versus $93.09 million forecast. Shares traded at $10.78, near the company’s 52-week high.

Nexxen International (NASDAQ:NEXN - Get Free Report) had its target price raised by investment analysts at BTIG Research from $10.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target suggests a potential upside of 20.59% from the company's previous close.

NEXN has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Nexxen International from a "hold" rating to a "buy" rating in a research report on Saturday, May 23rd. Needham & Company LLC lifted their target price on Nexxen International from $10.50 to $13.00 and gave the stock a "buy" rating in a report on Wednesday. Raymond James Financial lifted their target price on shares of Nexxen International from $9.00 to $11.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 17th. Rosenblatt Securities reiterated a "buy" rating and set a $16.00 price objective on shares of Nexxen International in a research report on Wednesday, June 17th. Finally, Royal Bank Of Canada increased their target price on Nexxen International from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $12.22.

Nexxen International Stock Performance

NEXN traded up $0.30 during trading on Wednesday, hitting $10.78. 564,418 shares of the company traded hands, compared to its average volume of 363,858. Nexxen International has a one year low of $5.60 and a one year high of $11.13. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.04. The stock's fifty day moving average is $9.48 and its 200 day moving average is $7.86. The firm has a market cap of $606.70 million, a P/E ratio of 35.93 and a beta of 1.60.

Nexxen International (NASDAQ:NEXN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.03. The business had revenue of $100.52 million for the quarter, compared to analysts' expectations of $93.09 million. Nexxen International had a return on equity of 7.78% and a net margin of 4.85%. As a group, equities analysts predict that Nexxen International will post 0.75 EPS for the current fiscal year.

Insider Activity at Nexxen International

In related news, CFO Sagi Niri sold 17,578 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $10.51, for a total value of $184,744.78. Following the transaction, the chief financial officer directly owned 126,488 shares of the company's stock, valued at approximately $1,329,388.88. This trade represents a 12.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 258,468 shares of company stock valued at $2,350,050.

Institutional Trading of Nexxen International

A number of hedge funds and other institutional investors have recently bought and sold shares of NEXN. Geode Capital Management LLC boosted its stake in shares of Nexxen International by 1,062.0% in the second quarter. Geode Capital Management LLC now owns 509,808 shares of the company's stock worth $5,307,000 after acquiring an additional 465,936 shares during the period. Rock Point Advisors LLC raised its stake in Nexxen International by 42.5% during the 4th quarter. Rock Point Advisors LLC now owns 950,517 shares of the company's stock valued at $6,216,000 after purchasing an additional 283,295 shares during the period. BNP Paribas Financial Markets lifted its holdings in Nexxen International by 354.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company's stock worth $1,271,000 after purchasing an additional 95,219 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Nexxen International by 328.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 74,102 shares of the company's stock worth $485,000 after purchasing an additional 56,808 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Nexxen International by 1,244.5% in the 2nd quarter. Rhumbline Advisers now owns 59,926 shares of the company's stock worth $624,000 after purchasing an additional 55,469 shares during the period. Hedge funds and other institutional investors 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. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns.

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