Nexxen International (NASDAQ:NEXN) Shares Gap Up - Still a Buy?

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)'s stock price gapped up before the market opened 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NEXN. JMP Securities reiterated a "market outperform" rating and set a $15.00 target price on shares of Nexxen International in a report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and set a $16.00 target price on shares of Nexxen International in a report on Thursday, August 14th. Canaccord Genuity Group boosted their target price on Nexxen International from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 target price on shares of Nexxen International in a report on Friday, May 23rd. Finally, 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 report on Monday, May 5th. Nine analysts have rated the stock with a Buy rating, According to data from MarketBeat, Nexxen International has a consensus rating of "Buy" and an average price target of $14.33.

Nexxen International Stock Down 4.2%

The firm has a 50-day moving average of $10.11 and a 200 day moving average of $9.68. The stock has a market capitalization of $585.37 million, a price-to-earnings ratio of 14.65 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.

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

Hedge Funds Weigh In On Nexxen International

Institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System acquired a new position in shares of Nexxen International in the 2nd quarter valued at approximately $25,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Nexxen International during the 2nd quarter valued at approximately $90,000. New York State Common Retirement Fund acquired a new stake in shares of Nexxen International during the 2nd quarter valued at approximately $124,000. Jane Street Group LLC acquired a new stake in shares of Nexxen International during the 4th quarter valued at approximately $121,000. Finally, Bank of America Corp DE raised its position in shares of Nexxen International by 1,898.3% during the 4th quarter. Bank of America Corp DE now owns 15,107 shares of the company's stock valued at $151,000 after acquiring an additional 14,351 shares in the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

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.