Nexxen International (NASDAQ:NEXN) Earns Buy Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities has reaffirmed a "buy" rating for Nexxen International (NEXN) and set a price target of $16.00, indicating a potential upside of 61.62% from the current price.
• The company's stock has received ten 'buy' ratings, with a consensus price target of $14.33 among analysts.
• Nexxen International's shares are currently trading at $9.90, and the company has a market capitalization of $627.86 million.

Rosenblatt Securities restated their buy rating on shares of Nexxen International (NASDAQ:NEXN - Free Report) in a research report report published on Thursday,Benzinga reports. Rosenblatt Securities currently has a $16.00 price target on the stock.

NEXN has been the subject of several other research reports. Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Nexxen International in a report on Friday, May 23rd. JMP Securities reissued a "market outperform" rating and set a $15.00 price objective on shares of Nexxen International in a report on Friday, May 23rd. Raymond James Financial raised shares of Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 price objective for the company in a report on Monday, May 5th. Wall Street Zen downgraded shares of Nexxen International from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 20th. Finally, Royal Bank Of Canada upped their target price on shares of Nexxen International from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Monday, May 12th. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $14.33.

Nexxen International Stock Down 3.8%

Nexxen International stock traded down $0.3650 during trading hours on Thursday, hitting $9.2650. 101,448 shares of the stock traded hands, compared to its average volume of 417,161. The firm's 50-day moving average price is $10.13 and its two-hundred day moving average price is $9.68. 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 market cap of $587.59 million, a PE ratio of 14.72 and a beta of 1.74. Nexxen International has a one year low of $6.93 and a one year high of $12.60.

Nexxen International announced that its board has approved a stock buyback program on Friday, August 15th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its position in shares of Nexxen International by 176.1% in the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company's stock valued at $4,346,000 after purchasing an additional 276,600 shares during the period. XTX Topco Ltd acquired a new position in Nexxen International during the fourth quarter worth about $218,000. Walleye Capital LLC acquired a new position in Nexxen International during the fourth quarter worth about $642,000. Marshall Wace LLP boosted its position in Nexxen International by 471.0% during the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company's stock worth $3,837,000 after acquiring an additional 315,864 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Nexxen International during the fourth quarter worth about $121,000. Hedge funds and other institutional investors own 54.24% of the company's stock.

About Nexxen International

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.