Nexxen International (NASDAQ:NEXN) Shares Gap Down – Here’s Why

Nexxen International Ltd. (NASDAQ:NEXN) gapped down before the market opened on Friday . The stock had previously closed at $8.66, but opened at $8.45. Nexxen International shares last traded at $8.20, with a volume of 72,028 shares traded.

Wall Street Analysts Forecast Growth

NEXN has been the topic of several research analyst reports. Royal Bank of Canada boosted their price target on Nexxen International from $9.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Lake Street Capital raised their price target on shares of Nexxen International from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Needham & Company LLC lifted their price objective on Nexxen International from $6.50 to $8.50 and gave the company a “buy” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Nexxen International presently has an average rating of “Moderate Buy” and an average price target of $9.10.

Nexxen International Stock Down 5.7 %

The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $564.86 million, a price-to-earnings ratio of -62.85 and a beta of 1.86. The firm has a 50 day moving average price of $7.69 and a two-hundred day moving average price of $6.60.

Nexxen International (NASDAQ:NEXN) last posted its earnings results on Thursday, August 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $88.58 million during the quarter, compared to analyst estimates of $85.75 million. Nexxen International had a negative net margin of 0.57% and a positive return on equity of 5.92%. During the same quarter last year, the business posted $0.03 EPS. On average, equities analysts expect that Nexxen International Ltd. will post 0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nexxen International

A number of institutional investors have recently added to or reduced their stakes in the company. Guinness Atkinson Asset Management Inc acquired a new position in Nexxen International during the 3rd quarter worth $31,000. Blue Trust Inc. grew its position in shares of Nexxen International by 221.7% during the third quarter. Blue Trust Inc. now owns 5,704 shares of the company’s stock worth $46,000 after acquiring an additional 3,931 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Nexxen International in the second quarter valued at approximately $136,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Nexxen International in the 2nd quarter valued at approximately $141,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Nexxen International during the second quarter valued at $451,000. 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.