Nexxen International (NASDAQ:NEXN) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw an uptick in trading volume on Wednesday . 110,213 shares were traded during trading, an increase of 5% from the previous session’s volume of 104,547 shares.The stock last traded at $8.63 and had previously closed at $8.51.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on NEXN shares. Scotiabank began coverage on shares of Nexxen International in a report on Monday. They issued a “sector outperform” rating and a $17.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $12.00 price target on shares of Nexxen International in a research note on Thursday, March 6th. Royal Bank of Canada boosted their price objective on Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. JMP Securities reissued a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a report on Monday, January 27th. Finally, Canaccord Genuity Group assumed coverage on Nexxen International in a research note on Wednesday, March 26th. They set a “buy” rating and a $12.00 target price on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $17.00.

Nexxen International Stock Down 7.0 %

The stock has a 50 day moving average price of $11.62 and a 200 day moving average price of $15.77. The company has a market cap of $490.21 million, a P/E ratio of 193.25 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 announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

Several large investors have recently made changes to their positions in NEXN. Advisors Preferred LLC bought a new stake in shares of Nexxen International in the 4th quarter worth approximately $69,000. GAMMA Investing LLC grew its position in Nexxen International by 2,021.9% in the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock worth $84,000 after buying an additional 8,027 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Nexxen International in the fourth quarter valued at $110,000. D.A. Davidson & CO. acquired a new stake in shares of Nexxen International during the 4th quarter valued at $121,000. Finally, Jane Street Group LLC bought a new stake in shares of Nexxen International during the 4th quarter worth $121,000. Institutional investors own 54.24% of the company’s stock.

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.