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

Nexxen International Ltd. (NASDAQ:NEXN) saw a significant growth in short interest in February. As of February 28th, there was short interest totalling 423,600 shares, a growth of 351.6% from the February 13th total of 93,800 shares. Based on an average daily volume of 138,800 shares, the short-interest ratio is currently 3.1 days. Approximately 1.1% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC lifted its holdings in shares of Nexxen International by 86.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 567,544 shares of the company’s stock valued at $5,687,000 after purchasing an additional 262,961 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Nexxen International by 176.1% in the fourth quarter. Renaissance Technologies LLC now owns 433,700 shares of the company’s stock valued at $4,346,000 after buying an additional 276,600 shares in the last quarter. Marshall Wace LLP increased its position in shares of Nexxen International by 471.0% during the fourth quarter. Marshall Wace LLP now owns 382,924 shares of the company’s stock worth $3,837,000 after acquiring an additional 315,864 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Nexxen International during the fourth quarter worth $1,456,000. Finally, Millennium Management LLC lifted its position in Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after acquiring an additional 30,973 shares in the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

Nexxen International Trading Down 5.0 %

NASDAQ NEXN traded down $0.41 during trading on Wednesday, reaching $7.82. 505,955 shares of the stock traded hands, compared to its average volume of 80,991. The stock’s 50-day moving average price is $15.86 and its 200 day moving average price is $16.67. 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 firm has a market cap of $495.92 million, a price-to-earnings ratio of 195.50 and a beta of 1.91. Nexxen International has a fifty-two week low of $6.93 and a fifty-two week high of $21.88.

Nexxen International declared that its board has authorized a stock buyback program on Wednesday, March 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Royal Bank of Canada upped their price target on Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $12.00 price target on shares of Nexxen International in a research note on Thursday, March 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a report on Monday, January 27th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

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.