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

Key Points

• Nexxen International shares opened lower, falling from a prior close of $10.48 to $10.15 before trading around $10.37.
• Analyst sentiment remains positive: nine analysts rate the stock Buy and one rates it Hold, with a “Moderate Buy” consensus and an average price target of $11.61.
• The company exceeded quarterly expectations, reporting $0.23 in earnings per share versus $0.20 expected and revenue of $100.52 million versus $93.09 million forecast. Insiders sold 258,468 shares over the past quarter, while institutional investors own 54.24% of the stock.

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $10.48, but opened at $10.15. Nexxen International shares last traded at $10.3690, with a volume of 65,902 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NEXN. Raymond James Financial increased their target price 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. Craig Hallum raised Nexxen International from a "hold" rating to a "buy" rating and set a $12.00 price target for the company in a report on Thursday, July 9th. Needham & Company LLC raised their price objective on Nexxen International from $8.50 to $10.50 and gave the company a "buy" rating in a report on Wednesday, June 17th. Scotiabank upped their target price on Nexxen International from $10.00 to $11.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, June 17th. Finally, Wall Street Zen raised shares of Nexxen International from a "hold" rating to a "buy" rating in a research note on Saturday, May 23rd. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $11.61.

Nexxen International Trading Up 3.1%

The company has a market capitalization of $607.82 million, a PE ratio of 36.00 and a beta of 1.60. The company has a fifty day simple moving average of $9.48 and a 200-day simple moving average of $7.86. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04.

Nexxen International (NASDAQ:NEXN - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.03. The company had revenue of $100.52 million for the quarter, compared to analyst estimates of $93.09 million. Nexxen International had a net margin of 4.85% and a return on equity of 7.78%. Analysts predict that Nexxen International Ltd. Sponsored ADR will post 0.75 EPS for the current year.

Insider Transactions at Nexxen International

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

Institutional Trading of Nexxen International

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Nexxen International by 69.5% in the second quarter. GAMMA Investing LLC now owns 16,496 shares of the company's stock valued at $149,000 after buying an additional 6,764 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Nexxen International during the 4th quarter worth about $95,000. Public Employees Retirement System of Ohio increased its holdings in shares of Nexxen International by 328.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 74,102 shares of the company's stock valued at $485,000 after acquiring an additional 56,808 shares during the last quarter. Legato Capital Management LLC increased its holdings in shares of Nexxen International by 23.8% in the 4th quarter. Legato Capital Management LLC now owns 25,028 shares of the company's stock valued at $164,000 after acquiring an additional 4,815 shares during the last quarter. Finally, Rock Point Advisors LLC raised its position in shares of Nexxen International by 42.5% during the 4th quarter. Rock Point Advisors LLC now owns 950,517 shares of the company's stock worth $6,216,000 after acquiring an additional 283,295 shares in the last quarter. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

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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