Nexxen International (NASDAQ:NEXN) Shares Gap Down – Time to Sell?

Nexxen International Ltd. (NASDAQ:NEXN)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $9.02, but opened at $8.51. Nexxen International shares last traded at $8.96, with a volume of 48,961 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NEXN. Royal Bank of Canada raised their price target on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price target on shares of Nexxen International in a research note on Thursday. Finally, JMP Securities reissued a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research report on Monday, January 27th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

Nexxen International Stock Down 2.7 %

The firm has a market capitalization of $556.80 million, a P/E ratio of 219.50 and a beta of 1.91. The firm’s 50 day moving average is $16.34 and its two-hundred day moving average is $16.76. 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 authorized a share repurchase plan on Wednesday, March 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Nexxen International

Several hedge funds have recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC grew its stake in Nexxen International by 86.3% in the 4th 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 last quarter. Renaissance Technologies LLC grew its stake in Nexxen International by 176.1% in the 4th 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 during the last quarter. Marshall Wace LLP boosted its holdings in Nexxen International by 471.0% in 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 bought a new stake in Nexxen International in the 4th quarter valued at about $1,456,000. Finally, Millennium Management LLC boosted its holdings 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 purchasing an additional 30,973 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.