Scotiabank Initiates Coverage on Nexxen International (NASDAQ:NEXN)

Equities research analysts at Scotiabank assumed coverage on shares of Nexxen International (NASDAQ:NEXN) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “sector outperform” rating and a $17.00 price target on the stock. Scotiabank’s target price would indicate a potential upside of 123.10% from the company’s current price.

NEXN has been the subject of several other research reports. Canaccord Genuity Group initiated coverage on shares of Nexxen International in a report on Wednesday, March 26th. They issued a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of Nexxen International in a research note on Thursday, March 6th. JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. Finally, Royal Bank of Canada lifted their price objective on Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Nexxen International Stock Down 0.1 %

Nexxen International stock opened at $7.62 on Monday. 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 stock has a market capitalization of $483.24 million, a PE ratio of 190.50 and a beta of 1.91. The business has a 50 day simple moving average of $12.54 and a 200-day simple moving average of $15.96. Nexxen International has a 12 month low of $6.93 and a 12 month high of $21.88.

Nexxen International announced that its Board of Directors has approved a share buyback plan on Wednesday, March 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

A number of institutional investors and hedge funds have recently bought and sold shares of NEXN. Rice Hall James & Associates LLC raised its holdings in Nexxen International by 86.3% in the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock valued at $5,687,000 after acquiring an additional 262,961 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Nexxen International by 176.1% in the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after purchasing an additional 276,600 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Nexxen International by 471.0% in the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock valued at $3,837,000 after purchasing an additional 315,864 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Nexxen International during the fourth quarter worth approximately $1,456,000. Finally, Millennium Management LLC lifted its position in Nexxen International by 45.7% during the fourth quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock worth $989,000 after buying an additional 30,973 shares in the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

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.