Nexxen International (NASDAQ:NEXN) to Buyback $20.00 million in Shares

Key Points

• Nexxen International has initiated a share buyback program amounting to $20 million, allowing it to repurchase up to 3.4% of its shares, indicating the board's belief that the stock is undervalued.
• Analysts have generally given Nexxen a positive outlook, with a consensus rating of "Buy" and an average price target of $14.33.
• Following these announcements, Nexxen's stock increased by 2.4%, reaching a price of $9.55.

Nexxen International (NASDAQ:NEXN - Get Free Report) declared that its board has initiated a stock repurchase program on Friday, August 15th, RTT News reports. The company plans to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Nexxen International Stock Performance

NASDAQ:NEXN traded down $0.02 during mid-day trading on Wednesday, reaching $9.21. The company's stock had a trading volume of 328,837 shares, compared to its average volume of 408,278. Nexxen International has a 12-month low of $6.93 and a 12-month high of $12.60. The firm's fifty day moving average price is $10.10 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 stock has a market cap of $584.10 million, a P/E ratio of 14.62 and a beta of 1.74.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NEXN shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price target on shares of Nexxen International in a research report on Friday, May 23rd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $16.00 price target on shares of Nexxen International in a research report on Thursday, August 14th. Canaccord Genuity Group lifted their price target on Nexxen International from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada lifted their price target on Nexxen International from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Monday, May 12th. Finally, Raymond James Financial raised Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price for the company in a research report on Monday, May 5th. Nine investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $14.33.

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.