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

Nexxen International Ltd. (NASDAQ:NEXN) saw strong trading volume on Thursday . 63,420 shares changed hands during mid-day trading, a decline of 14% from the previous session’s volume of 74,038 shares.The stock last traded at $9.73 and had previously closed at $9.50.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Royal Bank of Canada increased their price objective on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price objective on shares of Nexxen International in a report on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a report on Monday, January 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Nexxen International currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Nexxen International Trading Down 2.7 %

The business has a fifty day moving average price of $16.34 and a 200 day moving average price of $16.75. The firm has a market cap of $556.80 million, a PE ratio of 219.50 and a beta of 1.91. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NEXN. Marshall Wace LLP grew its stake in Nexxen International by 471.0% during the 4th quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock worth $3,837,000 after buying an additional 315,864 shares during the last quarter. Renaissance Technologies LLC grew its stake in Nexxen International by 176.1% during the 4th quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock worth $4,346,000 after buying an additional 276,600 shares during the last quarter. Rice Hall James & Associates LLC grew its stake in Nexxen International by 86.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock worth $5,687,000 after buying an additional 262,961 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Nexxen International during the 4th quarter worth approximately $1,456,000. Finally, Navellier & Associates Inc. purchased a new position in Nexxen International during the 4th quarter worth approximately $984,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

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.