Nexxen International (NASDAQ:NEXN) Given New $9.00 Price Target at BTIG Research

Key Points

• BTIG Research cut its price target on Nexxen International from $10.00 to $9.00 but maintained a "buy" rating, implying roughly a 32.16% upside from the current price.
• The consensus among analysts is a Moderate Buy (eight Buys, two Holds) with an average price target of $11.17, while individual targets range from about $7.50 to $16.00.
• Nexxen trades near $6.81, recently beat quarterly EPS and revenue estimates, and the board authorized a $40 million share repurchase program (up to 9.9% of outstanding shares).

Nexxen International (NASDAQ:NEXN - Get Free Report) had its target price dropped by equities research analysts at BTIG Research from $10.00 to $9.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price indicates a potential upside of 32.16% from the company's current price.

Several other equities analysts also recently commented on the stock. Needham & Company LLC decreased their price target on shares of Nexxen International from $9.00 to $7.50 and set a "buy" rating on the stock in a research note on Wednesday, March 4th. Rosenblatt Securities boosted their price objective on shares of Nexxen International from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Weiss Ratings restated a "hold (c)" rating on shares of Nexxen International in a research report on Thursday, January 22nd. Canaccord Genuity Group lowered their target price on shares of Nexxen International from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Finally, Scotiabank dropped their price target on shares of Nexxen International from $12.00 to $10.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Nexxen International presently has a consensus rating of "Moderate Buy" and an average price target of $11.17.

Nexxen International Trading Down 1.4%

Shares of NASDAQ:NEXN opened at $6.81 on Thursday. The stock has a market cap of $383.27 million, a PE ratio of 16.61 and a beta of 1.69. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.04. Nexxen International has a 12-month low of $5.60 and a 12-month high of $12.60. The business has a 50 day moving average of $6.37 and a 200-day moving average of $7.34.

Nexxen International (NASDAQ:NEXN - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.06. Nexxen International had a return on equity of 9.47% and a net margin of 6.87%.The firm had revenue of $100.71 million for the quarter, compared to analyst estimates of $100.39 million. As a group, equities research analysts forecast that Nexxen International will post 0.25 earnings per share for the current year.

Nexxen International declared that its board has approved a stock repurchase plan on Thursday, November 20th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Nexxen International

Several large investors have recently made changes to their positions in the company. California State Teachers Retirement System bought a new position in Nexxen International in the second quarter valued at approximately $25,000. Quantbot Technologies LP acquired a new stake in shares of Nexxen International in the 3rd quarter valued at $43,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Nexxen International in the 2nd quarter valued at $90,000. Jump Financial LLC bought a new position in shares of Nexxen International in the 4th quarter valued at $95,000. Finally, SG Americas Securities LLC bought a new position in shares of Nexxen International in the 3rd quarter valued at $102,000. Institutional investors and hedge funds 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. 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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