Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Update

Nexxen International Ltd. (NASDAQ:NEXN) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 345,800 shares, a decline of 18.4% from the February 28th total of 423,600 shares. Based on an average daily volume of 201,900 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.9% of the company’s stock are short sold.

Hedge Funds Weigh In On Nexxen International

Institutional investors and hedge funds have recently bought and sold shares of the company. Two Sigma Investments LP purchased a new stake in Nexxen International during the fourth quarter valued at about $593,000. Numerai GP LLC purchased a new position in Nexxen International in the 4th quarter valued at approximately $315,000. Millennium Management LLC lifted its position in shares of 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 acquiring an additional 30,973 shares in the last quarter. Cresset Asset Management LLC bought a new position in shares of Nexxen International in the fourth quarter worth $210,000. Finally, Bank of America Corp DE grew its position in shares of Nexxen International by 1,898.3% in the fourth quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock valued at $151,000 after purchasing an additional 14,351 shares in the last quarter. 54.24% of the stock is owned by institutional investors.

Nexxen International Stock Up 4.6 %

Shares of NASDAQ:NEXN opened at $8.90 on Thursday. Nexxen International has a 1 year low of $6.93 and a 1 year high of $21.88. The company has a market capitalization of $564.41 million, a PE ratio of 222.50 and a beta of 1.91. The business has a fifty day moving average price of $11.86 and a two-hundred day moving average price of $15.82. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43.

Nexxen International announced that its board has approved a share repurchase program on Wednesday, March 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

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.