Nexxen International (NASDAQ:NEXN - Get Free Report) had its price objective raised by stock analysts at Royal Bank of Canada from $13.00 to $14.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's price objective points to a potential upside of 18.54% from the company's previous close.
Several other research firms also recently commented on NEXN. Canaccord Genuity Group upped their price objective on Nexxen International from $12.00 to $14.00 and gave the company a "buy" rating in a research note on Monday. JMP Securities reiterated a "market outperform" rating and issued a $22.00 price objective on shares of Nexxen International in a research note on Monday, January 27th. Rosenblatt Securities started coverage on shares of Nexxen International in a report on Tuesday, April 29th. They set a "buy" rating and a $15.00 target price on the stock. Raymond James raised shares of Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price on the stock in a report on Monday, May 5th. Finally, Craig Hallum started coverage on shares of Nexxen International in a report on Thursday, April 10th. They set a "buy" rating and a $15.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $15.40.
Read Our Latest Report on Nexxen International
Nexxen International Stock Performance
Shares of NASDAQ NEXN traded up $0.27 during midday trading on Monday, reaching $11.81. The company's stock had a trading volume of 159,832 shares, compared to its average volume of 146,526. Nexxen International has a 12-month low of $6.93 and a 12-month high of $21.88. The firm has a 50 day moving average price of $8.72 and a 200-day moving average price of $14.49. The stock has a market capitalization of $748.95 million, a P/E ratio of 295.23 and a beta of 1.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43.
Nexxen International declared that its board has initiated a stock buyback plan on Wednesday, March 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.
Hedge Funds Weigh In On Nexxen International
Several large investors have recently made changes to their positions in the business. Rock Point Advisors LLC lifted its holdings in shares of Nexxen International by 32.7% during the first quarter. Rock Point Advisors LLC now owns 643,492 shares of the company's stock valued at $5,373,000 after purchasing an additional 158,397 shares during the last quarter. Rice Hall James & Associates LLC increased its position in shares of Nexxen International by 86.3% during the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company's stock valued at $5,687,000 after acquiring an additional 262,961 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Nexxen International by 176.1% during the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company's stock valued at $4,346,000 after acquiring an additional 276,600 shares in the last quarter. Marshall Wace LLP increased its position in shares of Nexxen International by 471.0% during the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company's stock valued at $3,837,000 after acquiring an additional 315,864 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Nexxen International during the fourth quarter valued at approximately $1,456,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.
About Nexxen International
(
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Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. 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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