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

Shares of Nexxen International Ltd. (NASDAQ:NEXN) saw an uptick in trading volume on Wednesday . 154,081 shares were traded during trading, an increase of 93% from the previous session’s volume of 79,681 shares.The stock last traded at $7.96 and had previously closed at $8.23.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. JMP Securities reiterated a “market outperform” rating and set a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of Nexxen International in a research note on Thursday, March 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Nexxen International has an average rating of “Moderate Buy” and an average target price of $18.00.

Nexxen International Price Performance

The firm has a market cap of $494.65 million, a P/E ratio of 194.23 and a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. The firm’s 50 day moving average is $15.86 and its 200 day moving average is $16.67.

Nexxen International declared that its board has authorized a share buyback plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd bought a new position in shares of Nexxen International during the third quarter valued at $123,000. Tidal Investments LLC increased its stake in Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after purchasing an additional 2,125 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock worth $466,000 after buying an additional 11,346 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of 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 in the last quarter. Finally, Advisors Preferred LLC bought a new position in shares of Nexxen International in the fourth quarter worth approximately $69,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Nexxen International Company Profile

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.