Nexxen International (NASDAQ:NEXN) Price Target Raised to $13.00 at Needham & Company LLC

Key Points

• Needham raised Nexxen International’s price target to $13.00 from $10.50 and maintained a “buy” rating, implying approximately 24% upside from the reported $10.48 share price.
• Analyst sentiment remains favorable: nine analysts rate the stock “Buy” and one rates it “Hold,” producing a “Moderate Buy” consensus and an average price target of $11.89.
• Nexxen exceeded quarterly expectations, reporting EPS of $0.23 versus the $0.20 consensus and revenue of $100.52 million versus $93.09 million expected. Institutional investors own 54.24% of the company, while insiders sold 258,468 shares worth about $2.35 million in the last quarter.

Nexxen International (NASDAQ:NEXN - Get Free Report) had its target price increased by analysts at Needham & Company LLC from $10.50 to $13.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 24.05% from the company's current price.

A number of other research analysts have also recently weighed in on the stock. Raymond James Financial raised their price objective on shares of Nexxen International from $9.00 to $11.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 17th. Wall Street Zen raised Nexxen International from a "hold" rating to a "buy" rating in a research note on Saturday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and set a $16.00 target price on shares of Nexxen International in a report on Wednesday, June 17th. BTIG Research raised their price target on Nexxen International from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Finally, Scotiabank boosted their price target on Nexxen International from $10.00 to $11.00 and gave the stock a "sector outperform" rating in a report on Wednesday, June 17th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.89.

Nexxen International Stock Performance

NASDAQ NEXN remained flat at $10.48 during trading hours on Wednesday. 445,985 shares of the company were exchanged, compared to its average volume of 363,648. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.25. The business's fifty day moving average price is $9.48 and its 200-day moving average price is $7.86. Nexxen International has a 12-month low of $5.60 and a 12-month high of $11.13. The company has a market cap of $589.81 million, a PE ratio of 34.93 and a beta of 1.60.

Nexxen International (NASDAQ:NEXN - Get Free Report) last announced its earnings results 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. Nexxen International had a net margin of 4.85% and a return on equity of 7.78%. The company had revenue of $100.52 million during the quarter, compared to analysts' expectations of $93.09 million. Equities analysts expect that Nexxen International will post 0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Sagi Niri sold 68,886 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $9.08, for a total transaction of $625,484.88. Following the transaction, the chief financial officer directly owned 381,856 shares in the company, valued at approximately $3,467,252.48. This represents a 15.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,468 shares of company stock worth $2,350,050 in the last quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEXN. GAMMA Investing LLC lifted its holdings in shares of Nexxen International by 69.5% during the 2nd quarter. GAMMA Investing LLC now owns 16,496 shares of the company's stock worth $149,000 after acquiring an additional 6,764 shares during the period. Jump Financial LLC purchased a new stake in Nexxen International in the fourth quarter valued at approximately $95,000. Public Employees Retirement System of Ohio increased its position in Nexxen International by 328.5% during the fourth 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 during the last quarter. Legato Capital Management LLC increased its position in Nexxen International by 23.8% during the fourth quarter. Legato Capital Management LLC now owns 25,028 shares of the company's stock worth $164,000 after purchasing an additional 4,815 shares during the last quarter. Finally, Rock Point Advisors LLC raised its stake in Nexxen International by 42.5% during the fourth quarter. Rock Point Advisors LLC now owns 950,517 shares of the company's stock worth $6,216,000 after purchasing an additional 283,295 shares during the period. Institutional investors and hedge funds 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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