Nexxen International (NASDAQ:NEXN) Shares Gap Up - Here's Why

Key Points

• Nexxen International shares opened at $8.71 after gapping up from a previous close of $8.36, with the last trading price at $8.50.
• BTIG Research initiated coverage with a "buy" rating and a target price of $13.00, while the consensus rating is "Moderate Buy" with an average target price of $14.78.
• The company announced a share buyback plan to repurchase up to $20 million in outstanding shares, signaling that the board may believe the stock is undervalued.

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $8.36, but opened at $8.71. Nexxen International shares last traded at $8.50, with a volume of 72,723 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on NEXN shares. BTIG Research began coverage on Nexxen International in a research note on Tuesday. They set a "buy" rating and a $13.00 target price for the company. Wall Street Zen lowered shares of Nexxen International from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $16.00 price target on shares of Nexxen International in a research report on Friday, August 22nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexxen International in a research report on Saturday, September 27th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Nexxen International currently has an average rating of "Moderate Buy" and a consensus target price of $14.78.

Nexxen International Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.35 and a current ratio of 1.35. The company has a 50-day moving average of $9.64 and a 200 day moving average of $9.92. The firm has a market cap of $544.46 million, a P/E ratio of 13.66 and a beta of 1.71.

Nexxen International declared that its Board of Directors has approved a share buyback plan on Friday, August 15th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System acquired a new position in shares of Nexxen International during the second quarter worth about $25,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Nexxen International in the 2nd quarter valued at about $90,000. New York State Common Retirement Fund bought a new stake in shares of Nexxen International during the 2nd quarter valued at $124,000. Bank of America Corp DE grew its stake in Nexxen International by 1,898.3% during the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company's stock worth $151,000 after buying an additional 14,351 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Nexxen International in the 1st quarter valued at approximately $146,000. Institutional investors own 54.24% of the company's stock.

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.

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