Nexxen International (NASDAQ:NEXN) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw unusually-strong trading volume on Thursday . Approximately 63,420 shares changed hands during mid-day trading, a decline of 14% from the previous session’s volume of 74,038 shares.The stock last traded at $9.73 and had previously closed at $9.50.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NEXN shares. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of Nexxen International in a report on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of Nexxen International in a research note on Thursday. Finally, Royal Bank of Canada lifted their price target on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

Nexxen International Trading Down 3.4 %

The business has a 50 day simple moving average of $16.78 and a 200-day simple moving average of $16.84. The stock has a market capitalization of $592.34 million, a price-to-earnings ratio of 229.50 and a beta of 1.89. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43.

Nexxen International announced that its Board of Directors has approved a share repurchase program on Wednesday, March 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP lifted its holdings in shares of Nexxen International by 471.0% in the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock valued at $3,837,000 after purchasing an additional 315,864 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Nexxen International by 176.1% in the 4th quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after acquiring an additional 276,600 shares in the last quarter. Rice Hall James & Associates LLC boosted its position in Nexxen International by 86.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock worth $5,687,000 after acquiring an additional 262,961 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Nexxen International during the 4th quarter worth approximately $1,456,000. Finally, Navellier & Associates Inc. bought a new position in shares of Nexxen International during the 4th quarter worth approximately $984,000. 54.24% of the stock is owned by institutional investors and hedge funds.

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.