Nexxen International’s (NEXN) Buy Rating Reaffirmed at Needham & Company LLC

Nexxen International (NASDAQ:NEXN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $12.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 26.32% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Royal Bank of Canada upped their price target on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. 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.com, Nexxen International has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Nexxen International Stock Performance

Nexxen International stock opened at $9.50 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a market cap of $612.99 million, a PE ratio of 237.50 and a beta of 1.89. Nexxen International has a 12-month low of $6.93 and a 12-month high of $21.88. The business’s 50-day moving average price is $16.78 and its two-hundred day moving average price is $16.84.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NEXN. Rice Hall James & Associates LLC increased its stake in shares of Nexxen International by 86.3% in the fourth quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock valued at $5,687,000 after buying an additional 262,961 shares during the period. Renaissance Technologies LLC increased its position in Nexxen International by 176.1% during the 4th 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 during the period. Marshall Wace LLP increased its position in Nexxen International by 471.0% during the 4th 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 period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Nexxen International in the 4th quarter worth approximately $1,456,000. Finally, Millennium Management LLC lifted its position in shares of Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock worth $989,000 after purchasing an additional 30,973 shares during the period. 54.24% of the stock is 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.