Nexxen International (NASDAQ:NEXN) to Repurchase $20.00 million in Outstanding 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) announced that its Board of Directors has initiated a share buyback plan on Friday, August 15th, RTT News reports. The company plans to repurchase $20.00 million in shares. This repurchase authorization permits the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Nexxen International Stock Performance

Shares of NEXN traded down $0.4350 during mid-day trading on Tuesday, reaching $9.1950. 143,786 shares of the company's stock were exchanged, compared to its average volume of 417,469. The business's fifty day simple moving average is $10.13 and its 200-day simple moving average is $9.68. Nexxen International has a 52-week low of $6.93 and a 52-week high of $12.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $583.15 million, a PE ratio of 14.60 and a beta of 1.74.

Wall Street Analyst Weigh In

A number of research firms have commented on NEXN. JMP Securities reaffirmed a "market outperform" rating and issued a $15.00 target price on shares of Nexxen International in a research report on Friday, May 23rd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $16.00 target price on shares of Nexxen International in a report on Thursday, August 14th. Wall Street Zen cut shares of Nexxen International from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 20th. Raymond James Financial raised shares of Nexxen International from a "market perform" rating to an "outperform" rating and set a $15.00 target price on the stock in a report on Monday, May 5th. Finally, Canaccord Genuity Group raised their target price on shares of Nexxen International from $12.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. Nine investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $14.33.

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.