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

Key Points

• Nexxen International's shares gapped up from a previous close of $9.33 to open at $9.75, with the last traded price at $9.66 and a trading volume of 87,685 shares.
• A consensus rating of "Buy" has been established by ten investment analysts, with a target price averaging $14.33.
• Recent hedge fund activity shows that 54.24% of Nexxen International shares are owned by institutional investors, indicating strong interest from larger financial entities.

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $9.33, but opened at $9.75. Nexxen International shares last traded at $9.66, with a volume of 87,685 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $14.00 price objective on shares of Nexxen International in a research note on Friday, May 23rd. JMP Securities restated a "market outperform" rating and set a $15.00 target price on shares of Nexxen International in a research note on Friday, May 23rd. Raymond James Financial upgraded Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price for the company in a research note on Monday, May 5th. Rosenblatt Securities restated a "buy" rating and set a $16.00 target price on shares of Nexxen International in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada boosted their target price on Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Nine research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $14.33.

Nexxen International Stock Performance

The company has a market cap of $584.10 million, a price-to-earnings ratio of 14.62 and a beta of 1.74. The firm has a 50-day simple moving average of $10.10 and a 200 day simple moving average of $9.68. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04.

Nexxen International declared that its board has initiated a share buyback plan on Friday, August 15th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. 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. Lazard Asset Management LLC increased its holdings in shares of Nexxen International by 173.4% in the second quarter. Lazard Asset Management LLC now owns 23,164 shares of the company's stock valued at $241,000 after purchasing an additional 14,692 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Nexxen International by 354.1% in the second quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company's stock valued at $1,271,000 after purchasing an additional 95,219 shares during the period. California State Teachers Retirement System acquired a new position in shares of Nexxen International in the second quarter valued at approximately $25,000. Finally, JB Capital Partners LP increased its holdings in shares of Nexxen International by 1.8% in the second 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 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.