Share Repurchase Plan Authorized by Nexxen International (NASDAQ:NEXN) Board of Directors

Nexxen International (NASDAQ:NEXN) announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 20th, RTT News reports. The company plans to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on NEXN. Royal Bank Of Canada cut their price objective on Nexxen International from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, November 14th. Canaccord Genuity Group lowered their target price on shares of Nexxen International from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Needham & Company LLC reduced their price target on shares of Nexxen International from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Wall Street Zen lowered shares of Nexxen International from a “buy” rating to a “hold” rating in a report on Friday, August 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Nexxen International in a research note on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nexxen International currently has a consensus rating of “Moderate Buy” and an average target price of $12.60.

Nexxen International Stock Up 2.0%

Shares of Nexxen International stock traded up $0.13 during trading on Thursday, hitting $6.49. 595,767 shares of the stock traded hands, compared to its average volume of 445,304. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $9.67. The firm has a market cap of $411.60 million, a P/E ratio of 10.82 and a beta of 1.70. Nexxen International has a 52-week low of $6.08 and a 52-week high of $12.60.

About Nexxen International

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.