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

Shares of Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $10.34, but opened at $10.73. Nexxen International shares last traded at $10.81, with a volume of 102,526 shares traded.

Wall Street Analyst Weigh In

NEXN has been the topic of a number of research reports. Craig Hallum began coverage on Nexxen International in a research report on Thursday, April 10th. They set a "buy" rating and a $15.00 target price on the stock. Raymond James raised Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price on the stock in a research report on Monday. JMP Securities reaffirmed a "market outperform" rating and set a $22.00 price objective on shares of Nexxen International in a report on Monday, January 27th. Canaccord Genuity Group assumed coverage on Nexxen International in a research note on Wednesday, March 26th. They issued a "buy" rating and a $12.00 target price on the stock. Finally, Scotiabank assumed coverage on Nexxen International in a research report on Monday, March 31st. They issued a "sector outperform" rating and a $17.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.40.

Nexxen International Stock Up 4.1 %

The firm has a market cap of $721.69 million, a PE ratio of 284.50 and a beta of 1.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. The company's 50-day simple moving average is $8.56 and its two-hundred day simple moving average is $14.58.

Nexxen International announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Hedge funds have recently added to or reduced their stakes in the company. Advisors Preferred LLC purchased a new position in shares of Nexxen International in the 4th quarter worth $69,000. GAMMA Investing LLC grew its holdings in Nexxen International by 2,021.9% during the 4th quarter. GAMMA Investing LLC now owns 8,424 shares of the company's stock valued at $84,000 after buying an additional 8,027 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Nexxen International during the fourth quarter valued at about $110,000. D.A. Davidson & CO. bought a new position in shares of Nexxen International during the 4th quarter valued at approximately $121,000. Finally, Jane Street Group LLC purchased a new position in Nexxen International during the fourth quarter worth $121,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

About Nexxen International

Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. 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.