Nexxen International (NASDAQ:NEXN) Trading 7.5% Higher - Here's What Happened

Nexxen International Ltd. (NASDAQ:NEXN - Get Free Report) shares rose 7.5% during mid-day trading on Tuesday . The stock traded as high as $11.33 and last traded at $11.42. Approximately 90,905 shares changed hands during trading, a decline of 44% from the average daily volume of 162,674 shares. The stock had previously closed at $10.62.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded Nexxen International from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Royal Bank of Canada upped their price target on Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Craig Hallum started coverage on Nexxen International in a report on Thursday, April 10th. They set a "buy" rating and a $15.00 price target on the stock. Canaccord Genuity Group raised their target price on Nexxen International from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, 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, May 5th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nexxen International currently has an average rating of "Buy" and a consensus price target of $15.33.

Nexxen International Stock Down 1.0%

The business has a 50 day moving average of $9.78 and a 200-day moving average of $14.04. The stock has a market cap of $735.64 million, a PE ratio of 290.00 and a beta of 1.78. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

Nexxen International declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Navellier & Associates Inc. grew its stake in shares of Nexxen International by 1.2% in the 1st quarter. Navellier & Associates Inc. now owns 99,374 shares of the company's stock valued at $830,000 after purchasing an additional 1,182 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of Nexxen International in the 4th quarter valued at approximately $69,000. Virtu Financial LLC acquired a new stake in shares of Nexxen International in the 4th quarter valued at approximately $110,000. D.A. Davidson & CO. acquired a new stake in shares of Nexxen International in the 4th quarter valued at approximately $121,000. Finally, Jane Street Group LLC acquired a new stake in shares of Nexxen International in the 4th quarter valued at approximately $121,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

Nexxen International Company Profile

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.