Nexxen International (NASDAQ:NEXN) Stock Price Up 9.1% After Earnings Beat

Key Points

• Nexxen International shares rose 9.1% after quarterly results beat expectations: EPS was $0.32 versus $0.30 estimated, and revenue was $102.93 million versus $100.14 million expected.
• Analyst sentiment is broadly positive: nine analysts rate the stock Buy and two Hold, with a MarketBeat average rating of “Moderate Buy” and an average price target of $12.89.
• A director sold 11,000 shares at an average price of $10.38, reducing his direct ownership by 24.08%.

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report)'s share price was up 9.1% on Thursday following a stronger than expected earnings report. The company traded as high as $9.86 and last traded at $9.87. 46,568 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 387,699 shares. The stock had previously closed at $9.05.

The company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.02. Nexxen International had a return on equity of 7.03% and a net margin of 3.41%. The firm had revenue of $102.93 million during the quarter, compared to the consensus estimate of $100.14 million.

Analyst Ratings Changes

NEXN has been the subject of several recent research reports. Royal Bank Of Canada upped their price target on shares of Nexxen International from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. Canaccord Genuity Group boosted their target price on shares of Nexxen International from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Weiss Ratings upgraded shares of Nexxen International from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. BTIG Research restated a "buy" rating and issued a $13.00 price target on shares of Nexxen International in a research note on Wednesday, October 21st. Finally, Zacks Research lowered shares of Nexxen International from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 22nd. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Nexxen International currently has an average rating of "Moderate Buy" and an average target price of $12.89.

Insider Buying and Selling at Nexxen International

In related news, Director Daniel Kerstein sold 11,000 shares of Nexxen International stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $10.38, for a total transaction of $114,180.00. Following the sale, the director directly owned 34,678 shares in the company, valued at $359,957.64. The trade was a 24.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new position in Nexxen International during the 2nd quarter valued at $826,000. Ritholtz Wealth Management purchased a new position in Nexxen International during the 3rd quarter worth approximately $406,000. CenterBook Partners LP purchased a new position in shares of Nexxen International during the third quarter valued at $298,000. State of Wyoming increased its holdings in shares of Nexxen International by 9.8% in the 3rd quarter. State of Wyoming now owns 21,497 shares of the company's stock valued at $193,000 after purchasing an additional 1,924 shares during the period. Finally, SteelPeak Wealth LLC acquired a new position in Nexxen International in the 3rd quarter valued at approximately $188,000. 54.24% of the stock is currently owned by institutional investors.

Nexxen International Trading Up 9.9%

The firm has a market capitalization of $566.42 million, a PE ratio of 45.55 and a beta of 1.65. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.26 and a quick ratio of 1.26. The company has a fifty day moving average of $8.98 and a 200-day moving average of $8.33.

Nexxen International Company Profile

Nexxen International Ltd. is an advertising technology company that connects advertisers and media owners through software for planning, buying, selling and measuring digital advertising. Its platform supports campaigns across connected television, online video and mobile channels. The company offers demand-side tools for advertisers, supply-side tools for publishers and media owners, and data solutions intended to help target and evaluate campaigns. Nexxen serves customers in multiple markets, including North America, Europe and Asia-Pacific.

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