Canaccord Genuity Group Boosts Nexxen International (NASDAQ:NEXN) Price Target to $14.00

Nexxen International (NASDAQ:NEXN) had its price objective upped by Canaccord Genuity Group from $12.00 to $14.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 18.47% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Raymond James upgraded shares of Nexxen International from a “market perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a report on Monday, May 5th. Needham & Company LLC restated a “buy” rating and issued a $12.00 price objective on shares of Nexxen International in a research note on Thursday, March 6th. Rosenblatt Securities started coverage on shares of Nexxen International in a research report on Tuesday, April 29th. They issued a “buy” rating and a $15.00 price objective on the stock. Scotiabank assumed coverage on Nexxen International in a research note on Monday, March 31st. They issued a “sector outperform” rating and a $17.00 target price for the company. Finally, Craig Hallum assumed coverage on shares of Nexxen International in a report on Thursday, April 10th. They issued a “buy” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Nexxen International Stock Up 2.4%

NASDAQ NEXN traded up $0.28 during mid-day trading on Monday, hitting $11.82. The company’s stock had a trading volume of 40,474 shares, compared to its average volume of 146,078. Nexxen International has a twelve month low of $6.93 and a twelve month high of $21.88. The firm has a market capitalization of $749.40 million, a price-to-earnings ratio of 296.78 and a beta of 1.78. The company’s 50 day simple moving average is $8.72 and its 200 day simple moving average is $14.49. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

Nexxen International declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Navellier & Associates Inc. increased its holdings in shares of Nexxen International by 1.2% during the first quarter. Navellier & Associates Inc. now owns 99,374 shares of the company’s stock valued at $830,000 after acquiring an additional 1,182 shares in the last quarter. Tidal Investments LLC increased 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 worth $386,000 after buying an additional 2,125 shares in the last quarter. Advisors Preferred LLC bought a new stake in Nexxen International in the 4th quarter worth about $69,000. Virtu Financial LLC bought a new stake in shares of Nexxen International during the 4th quarter valued at about $110,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Nexxen International by 24.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after purchasing an additional 11,346 shares during the period. Hedge funds and other 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.