Nexxen International (NASDAQ:NEXN) Shares Gap Up on Analyst Upgrade

Key Points

• Nexxen International shares jumped after Craig Hallum upgraded the stock from hold to buy and set a new $12 price target. The stock opened at $9.63 versus a prior close of $9.02.
• Several other analysts have recently turned more positive on the company, with multiple firms raising price targets and issuing Buy/Outperform ratings. Overall, the stock now has a Moderate Buy consensus and an average price target of $11.61.
• Insider activity showed CFO Sagi Niri sold 49,826 shares in a pre-arranged trading plan, while institutional ownership remains substantial at 54.24%. The company also reported its latest quarter with $0.06 EPS and $86.84 million in revenue.

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) gapped up before the market opened on Thursday after Craig Hallum upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $9.02, but opened at $9.63. Craig Hallum now has a $12.00 price target on the stock. Nexxen International shares last traded at $9.4860, with a volume of 62,037 shares traded.

A number of other research firms have also recently weighed in on NEXN. BTIG Research increased their price target on Nexxen International from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Royal Bank Of Canada upped their target price on shares of Nexxen International from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Thursday, May 14th. Needham & Company LLC increased their target price on shares of Nexxen International from $8.50 to $10.50 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Raymond James Financial lifted their price target on shares of Nexxen International from $9.00 to $11.00 and gave the company an "outperform" rating in a research report on Wednesday, June 17th. Finally, Wall Street Zen upgraded shares of Nexxen International from a "hold" rating to a "buy" rating in a research report on Saturday, May 23rd. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.

Insider Buying and Selling at Nexxen International

In related news, CFO Sagi Niri sold 49,826 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $9.54, for a total value of $475,340.04. Following the sale, the chief financial officer owned 332,030 shares of the company's stock, valued at $3,167,566.20. This trade represents a 13.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 237,235 shares of company stock worth $2,129,742 in the last 90 days.

Institutional Trading of Nexxen International

Several institutional investors have recently modified their holdings of the stock. Rock Point Advisors LLC boosted its stake in Nexxen International by 42.5% in the fourth quarter. Rock Point Advisors LLC now owns 950,517 shares of the company's stock valued at $6,216,000 after acquiring an additional 283,295 shares in the last quarter. State of Tennessee Department of Treasury increased its holdings in shares of Nexxen International by 470.3% in the second quarter. State of Tennessee Department of Treasury now owns 32,874 shares of the company's stock valued at $342,000 after purchasing an additional 27,110 shares during the period. Rhumbline Advisers raised its position in Nexxen International by 1,244.5% during the 2nd quarter. Rhumbline Advisers now owns 59,926 shares of the company's stock worth $624,000 after buying an additional 55,469 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Nexxen International by 354.1% during the second quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company's stock worth $1,271,000 after purchasing an additional 95,219 shares in the last quarter. Finally, Strs Ohio lifted its holdings in shares of Nexxen International by 35.7% in the 4th quarter. Strs Ohio now owns 83,300 shares of the company's stock valued at $545,000 after buying an additional 21,900 shares during the period. Hedge funds and other institutional investors own 54.24% of the company's stock.

Nexxen International Trading Up 4.6%

The company has a market cap of $531.00 million, a price-to-earnings ratio of 31.45 and a beta of 1.62. The business has a fifty day simple moving average of $8.39 and a 200 day simple moving average of $7.19. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.04.

Nexxen International (NASDAQ:NEXN - Get Free Report) last issued its earnings results on Wednesday, April 1st. The company reported $0.06 earnings per share for the quarter. The company had revenue of $86.84 million for the quarter. Nexxen International had a net margin of 4.85% and a return on equity of 7.78%. On average, equities analysts anticipate that Nexxen International Ltd. Sponsored ADR will post 0.75 EPS for the current fiscal year.

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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