Nexxen International (NASDAQ:NEXN) Shares Gap Up - Should You Buy?

Key Points

• Nexxen International Ltd. (NASDAQ:NEXN) shares experienced a gap up in price, opening at $9.69 after previously closing at $9.36, with the stock last trading at $9.54.
• The company has a stock repurchase plan authorized for up to $20 million, indicating that its board believes the shares are undervalued.
• Analysts maintain a generally positive outlook, with an average target price of $15.00 and eight investment firms currently rating the stock as a "Buy."

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $9.36, but opened at $9.69. Nexxen International shares last traded at $9.54, with a volume of 199,172 shares.

Wall Street Analyst Weigh In

NEXN has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $16.00 target price on shares of Nexxen International in a research report on Friday, August 22nd. Wall Street Zen downgraded Nexxen International from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd. Eight investment 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 $15.00.

Nexxen International Trading Up 1.4%

The stock has a market capitalization of $601.86 million, a P/E ratio of 15.06 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. The company has a 50-day moving average price of $9.96 and a 200 day moving average price of $9.80.

Nexxen International announced that its board has authorized a stock buyback plan on Friday, August 15th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

A number of hedge funds have recently made changes to their positions in the company. JB Capital Partners LP grew its position 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 in the last quarter. Rock Point Advisors LLC grew its position in Nexxen International by 32.7% in the first quarter. Rock Point Advisors LLC now owns 643,492 shares of the company's stock worth $5,373,000 after acquiring an additional 158,397 shares during the period. Geode Capital Management LLC grew its position in Nexxen International by 1,062.0% in the second quarter. Geode Capital Management LLC now owns 509,808 shares of the company's stock worth $5,307,000 after acquiring an additional 465,936 shares during the period. BNP Paribas Financial Markets grew its position in Nexxen International by 354.1% in the second quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company's stock worth $1,271,000 after acquiring an additional 95,219 shares during the period. Finally, Navellier & Associates Inc. grew its position in Nexxen International by 1.2% in the first quarter. Navellier & Associates Inc. now owns 99,374 shares of the company's stock worth $830,000 after acquiring an additional 1,182 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.