Nexxen International (NASDAQ:NEXN) to Buyback $50.00 million in Stock

Nexxen International (NASDAQ:NEXN) announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 5th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Nexxen International Stock Performance

Shares of NASDAQ NEXN opened at $9.50 on Thursday. The company has a 50-day simple moving average of $16.78 and a 200-day simple moving average of $16.84. 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 has a 12 month low of $6.93 and a 12 month high of $21.88. The company has a market cap of $612.99 million, a PE ratio of 237.50 and a beta of 1.89.

Nexxen International (NASDAQ:NEXN) last released its quarterly earnings data on Wednesday, March 5th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.13. Nexxen International had a net margin of 3.96% and a return on equity of 7.49%. On average, equities analysts anticipate that Nexxen International will post 0.67 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on NEXN shares. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 target price on shares of Nexxen International in a research note on Monday, January 27th. Needham & Company LLC increased their price target on shares of Nexxen International from $19.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Royal Bank of Canada increased their price target on shares of Nexxen International from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Nexxen International presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

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.