Nexxen International (NASDAQ:NEXN) Hits New 12-Month High on Analyst Upgrade

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) reached a new 52-week high during trading on Monday after Royal Bank of Canada raised their price target on the stock from $13.00 to $14.00. Royal Bank of Canada currently has an outperform rating on the stock. Nexxen International traded as high as $11.99 and last traded at $11.78, with a volume of 152040 shares changing hands. The stock had previously closed at $11.54.

NEXN has been the subject of several other reports. Scotiabank started coverage on Nexxen International in a research report on Monday, March 31st. They set a "sector outperform" rating and a $17.00 price objective for the company. Rosenblatt Securities started coverage on Nexxen International in a research report on Tuesday, April 29th. They set a "buy" rating and a $15.00 price target for the company. JMP Securities reissued a "market outperform" rating and set a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Craig Hallum started coverage on Nexxen International in a research report on Thursday, April 10th. They set a "buy" rating and a $15.00 price target for the company. Finally, Canaccord Genuity Group increased their price target on Nexxen International from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $15.40.

Institutional Investors Weigh In On Nexxen International

Several hedge funds have recently modified their holdings of NEXN. Marshall Wace LLP grew its position in shares of Nexxen International by 471.0% in the 4th quarter. Marshall Wace LLP now owns 382,924 shares of the company's stock valued at $3,837,000 after buying an additional 315,864 shares during the last quarter. Renaissance Technologies LLC raised its stake in Nexxen International by 176.1% during the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company's stock worth $4,346,000 after buying an additional 276,600 shares during the last quarter. Rice Hall James & Associates LLC raised its stake in Nexxen International by 86.3% during the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company's stock worth $5,687,000 after buying an additional 262,961 shares during the last quarter. Rock Point Advisors LLC raised its stake in Nexxen International by 32.7% during the first quarter. Rock Point Advisors LLC now owns 643,492 shares of the company's stock worth $5,373,000 after buying an additional 158,397 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Nexxen International during the fourth quarter worth $1,456,000. Institutional investors and hedge funds own 54.24% of the company's stock.

Nexxen International Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. The company has a 50 day moving average price of $8.72 and a 200 day moving average price of $14.49. The company has a market capitalization of $749.27 million, a price-to-earnings ratio of 295.23 and a beta of 1.78.

Nexxen International declared that its board has initiated a share repurchase plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

About Nexxen International

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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