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

Nexxen International Ltd. (NASDAQ:NEXN) shares saw strong trading volume on Wednesday . 110,213 shares changed hands during trading, an increase of 5% from the previous session’s volume of 104,547 shares.The stock last traded at $8.63 and had previously closed at $8.51.

Wall Street Analysts Forecast Growth

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

Nexxen International Trading Up 2.0 %

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The company has a market cap of $550.46 million, a PE ratio of 217.00 and a beta of 1.91. The stock has a 50 day moving average price of $12.07 and a 200 day moving average price of $15.87.

Nexxen International declared that its Board of Directors has initiated a stock buyback program 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 programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Advisors Preferred LLC purchased a new position in Nexxen International during the fourth quarter valued at $69,000. GAMMA Investing LLC boosted its position in 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 purchasing an additional 8,027 shares during the last quarter. Virtu Financial LLC bought a new stake in Nexxen International during the fourth quarter valued at approximately $110,000. D.A. Davidson & CO. purchased a new stake in Nexxen International during the fourth quarter valued at approximately $121,000. Finally, Jane Street Group LLC bought a new position in shares of Nexxen International in the fourth quarter worth about $121,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

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.