Short Interest in Nexxen International Ltd. (NASDAQ:NEXN) Decreases By 23.5%

Nexxen International Ltd. (NASDAQ:NEXN) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 57,800 shares, a drop of 23.5% from the October 15th total of 75,600 shares. Based on an average daily volume of 68,400 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC upped their price target on Nexxen International from $8.50 to $9.50 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada raised their target price on Nexxen International from $9.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Finally, Lake Street Capital lifted their price target on Nexxen International from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Nexxen International currently has an average rating of “Moderate Buy” and an average target price of $9.30.

Nexxen International Stock Performance

Shares of NEXN stock traded down $0.19 during trading hours on Friday, hitting $7.48. The stock had a trading volume of 379,502 shares, compared to its average volume of 65,562. The stock’s 50 day moving average is $7.86 and its 200 day moving average is $6.92. The firm has a market capitalization of $498.32 million, a PE ratio of -106.56 and a beta of 1.86. Nexxen International has a twelve month low of $3.37 and a twelve month high of $8.69. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.47 and a quick ratio of 1.47.

Nexxen International (NASDAQ:NEXN) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). Nexxen International had a negative net margin of 0.57% and a positive return on equity of 5.92%. The business had revenue of $88.58 million during the quarter, compared to analysts’ expectations of $85.75 million. During the same period in the prior year, the firm posted $0.03 EPS. As a group, research analysts forecast that Nexxen International will post 0.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nexxen International

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rock Point Advisors LLC acquired a new position in Nexxen International in the second quarter valued at $3,562,000. Dimensional Fund Advisors LP acquired a new position in shares of Nexxen International during the 2nd quarter valued at about $451,000. Renaissance Technologies LLC purchased a new position in shares of Nexxen International during the 2nd quarter worth about $810,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Nexxen International in the second quarter worth approximately $141,000. Finally, Marshall Wace LLP purchased a new stake in Nexxen International in the second quarter valued at approximately $136,000. 54.24% of the stock is currently 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.