Canaccord Genuity Group Begins Coverage on Nexxen International (NASDAQ:NEXN)

Investment analysts at Canaccord Genuity Group started coverage on shares of Nexxen International (NASDAQ:NEXN) in a report released on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 57.27% from the company’s current price.

NEXN has been the subject of several other research reports. JMP Securities reiterated a “market outperform” rating and set a $22.00 target price on shares of Nexxen International in a research note on Monday, January 27th. Royal Bank of Canada lifted their target price on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Nexxen International in a report on Thursday, March 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Nexxen International Stock Up 1.7 %

NEXN opened at $7.63 on Wednesday. The stock has a market capitalization of $483.87 million, a P/E ratio of 190.75 and a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43 and a current ratio of 1.43. Nexxen International has a one year low of $6.93 and a one year high of $21.88. The business’s 50-day simple moving average is $12.80 and its 200-day simple moving average is $15.99.

Nexxen International declared that its board has authorized a share repurchase plan on Wednesday, March 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Nexxen International

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after purchasing an additional 8,027 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Nexxen International by 24.3% during the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock worth $466,000 after buying an additional 11,346 shares during the period. D.A. Davidson & CO. acquired a new stake in Nexxen International in the 4th quarter worth about $121,000. Tidal Investments LLC grew its holdings in Nexxen International by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after buying an additional 2,125 shares during the period. Finally, Rice Hall James & Associates LLC increased its stake in shares of Nexxen International by 86.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock valued at $5,687,000 after acquiring an additional 262,961 shares during the last quarter. 54.24% of the stock is owned by hedge funds and other institutional investors.

About Nexxen International

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.