Nexxen International (NASDAQ:NEXN) Shares Gap Down - What's Next?

Key Points

• Nexxen International's shares gapped down from a previous close of $9.68 to open at $9.30, currently trading around $9.33.
• The company has received a mix of analyst ratings, with a "buy" rating and a price target of $16.00 from Rosenblatt Securities, while Wall Street Zen downgraded it to a "hold" rating.
• Nexxen International's Board of Directors has approved a $20 million share repurchase plan, indicating a belief that the stock is undervalued.

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $9.68, but opened at $9.30. Nexxen International shares last traded at $9.33, with a volume of 157,586 shares changing hands.

Analyst Upgrades and Downgrades

NEXN has been the topic of several analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $16.00 price target on shares of Nexxen International in a report on Friday, August 22nd. Wall Street Zen downgraded shares of Nexxen International from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $15.00.

Nexxen International Price Performance

The stock has a market capitalization of $589.14 million, a P/E ratio of 14.75 and a beta of 1.74. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $9.88 and a two-hundred day simple moving average of $9.88.

Nexxen International announced that its Board of Directors has approved a share repurchase plan on Friday, August 15th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Nexxen International

A number of large investors have recently bought and sold shares of the business. State of Tennessee Department of Treasury increased its stake in Nexxen International by 470.3% during the 2nd quarter. State of Tennessee Department of Treasury now owns 32,874 shares of the company's stock worth $342,000 after purchasing an additional 27,110 shares in the last quarter. Lazard Asset Management LLC boosted its position in Nexxen International by 173.4% during the 2nd quarter. Lazard Asset Management LLC now owns 23,164 shares of the company's stock worth $241,000 after acquiring an additional 14,692 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Nexxen International by 354.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company's stock worth $1,271,000 after acquiring an additional 95,219 shares during the last quarter. California State Teachers Retirement System acquired a new position in Nexxen International during the 2nd quarter worth approximately $25,000. Finally, JB Capital Partners LP lifted its holdings in Nexxen International by 1.8% during the 2nd quarter. JB Capital Partners LP now owns 3,555,097 shares of the company's stock valued at $37,009,000 after purchasing an additional 62,540 shares during the last quarter. 54.24% of the stock is owned by institutional investors.

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.

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