Nexxen International (NASDAQ:NEXN) Shares Climb 9.1% After Earnings Beat

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) shares were up 9.1% on Thursday following a stronger than expected earnings report. The stock traded as high as $9.86 and last traded at $9.87. Approximately 46,568 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 387,699 shares. The stock had previously closed at $9.05.

The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The firm had revenue of $102.93 million during the quarter, compared to analysts’ expectations of $100.14 million. Nexxen International had a net margin of 3.41% and a return on equity of 7.03%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NEXN shares. Canaccord Genuity Group raised their price target on Nexxen International from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Rosenblatt Securities reiterated a “buy” rating and set a $16.00 price target on shares of Nexxen International in a research note on Thursday, August 13th. BTIG Research reissued a “buy” rating and issued a $13.00 price target on shares of Nexxen International in a report on Wednesday, October 21st. Needham & Company LLC increased their price objective on shares of Nexxen International from $10.50 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised shares of Nexxen International from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Nexxen International has a consensus rating of “Moderate Buy” and an average price target of $12.89.

Insider Buying and Selling at Nexxen International

In other news, Director Daniel Kerstein sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $10.38, for a total value of $114,180.00. Following the sale, the director directly owned 34,678 shares in the company, valued at approximately $359,957.64. This represents a 24.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Nexxen International

Several hedge funds and other institutional investors have recently modified their holdings of NEXN. Ritholtz Wealth Management acquired a new stake in Nexxen International in the 3rd quarter valued at $406,000. CenterBook Partners LP acquired a new position in Nexxen International during the third quarter worth $298,000. State of Wyoming raised its stake in Nexxen International by 9.8% during the third quarter. State of Wyoming now owns 21,497 shares of the company’s stock worth $193,000 after acquiring an additional 1,924 shares in the last quarter. SteelPeak Wealth LLC acquired a new position in Nexxen International during the third quarter worth $188,000. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Nexxen International by 20.4% during the third quarter. State of Alaska Department of Revenue now owns 12,067 shares of the company’s stock valued at $108,000 after acquiring an additional 2,048 shares during the period. Institutional investors own 54.24% of the company’s stock.

Nexxen International Stock Performance

The company has a market capitalization of $566.42 million, a P/E ratio of 45.55 and a beta of 1.65. The stock has a fifty day simple moving average of $8.98 and a 200-day simple moving average of $8.33. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.05.

Nexxen International Company Profile

Nexxen International Ltd. is an advertising technology company that connects advertisers and media owners through software for planning, buying, selling and measuring digital advertising. Its platform supports campaigns across connected television, online video and mobile channels. The company offers demand-side tools for advertisers, supply-side tools for publishers and media owners, and data solutions intended to help target and evaluate campaigns. Nexxen serves customers in multiple markets, including North America, Europe and Asia-Pacific.