Nexxen International (NASDAQ:NEXN) Sets New 1-Year High Following Analyst Upgrade

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) shares hit a new 52-week high on Monday after JMP Securities raised their price target on the stock from $11.00 to $15.00. JMP Securities currently has a market 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 traded. The stock had previously closed at $11.54.

NEXN has been the topic of several other research reports. Scotiabank assumed coverage on Nexxen International in a research report on Monday, March 31st. They set a "sector outperform" rating and a $17.00 target price on the stock. Needham & Company LLC 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 Thursday. Raymond James upgraded Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price on the stock in a research note on Monday, May 5th. Craig Hallum began coverage on shares of 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, Rosenblatt Securities lifted their price objective on shares of Nexxen International from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in shares of Nexxen International by 24.3% during the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company's stock worth $466,000 after buying an additional 11,346 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Nexxen International during the fourth quarter worth about $69,000. D.A. Davidson & CO. purchased a new stake in Nexxen International in the fourth quarter valued at approximately $121,000. Rice Hall James & Associates LLC increased its holdings in Nexxen International by 86.3% in the 4th 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 period. Finally, Navellier & Associates Inc. acquired a new position in Nexxen International in the 4th quarter worth approximately $984,000. Institutional investors and hedge funds own 54.24% of the company's stock.

Nexxen International Stock Down 3.4%

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The business's 50-day simple moving average is $9.01 and its 200-day simple moving average is $14.37. The company has a market capitalization of $710.90 million, a PE ratio of 280.25 and a beta of 1.78.

Nexxen International declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is 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.