Nexxen International (NASDAQ:NEXN) Hits New 12-Month Low After Analyst Downgrade
Nexxen International (NASDAQ:NEXN) hit a new 52-week low after BTIG Research downgraded its price target from $13.00 to $10.00, despite maintaining a buy rating. The stock traded as low as $6.08. Other analysts have mixed ratings, with a consensus of 'Moderate Buy' and a target price of $13.11. Institutional investors have been active, and the company has a share buyback program authorized. Nexxen International provides a software platform for digital marketing.
Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN - Get Free Report) reached a new 52-week low during mid-day trading on Thursday after BTIG Research lowered their price target on the stock from $13.00 to $10.00. BTIG Research currently has a buy rating on the stock. Nexxen International traded as low as $6.08 and last traded at $6.32, with a volume of 1692372 shares changing hands. The stock had previously closed at $8.04.
Several other research analysts have also weighed in on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Nexxen International in a report on Wednesday, October 8th. Needham & Company LLC cut their price objective on Nexxen International from $14.00 to $9.00 and set a "buy" rating on the stock in a research note on Thursday. Rosenblatt Securities reiterated a "buy" rating and issued a $16.00 target price on shares of Nexxen International in a research report on Friday, August 22nd. Craig Hallum lowered Nexxen International from a "buy" rating to a "hold" rating and set a $8.00 price target on the stock. in a research report on Thursday. Finally, Wall Street Zen cut Nexxen International from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Nexxen International has a consensus rating of "Moderate Buy" and a consensus price target of $13.11.
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Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of NEXN. California State Teachers Retirement System purchased a new position in Nexxen International in the second quarter valued at about $25,000. Quantbot Technologies LP bought a new stake in shares of Nexxen International in the 3rd quarter valued at approximately $43,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Nexxen International in the second quarter worth approximately $90,000. SG Americas Securities LLC bought a new position in Nexxen International during the third quarter valued at approximately $102,000. Finally, New York State Common Retirement Fund acquired a new stake in Nexxen International in the second quarter valued at approximately $124,000. Institutional investors own 54.24% of the company's stock.
Nexxen International Price Performance
The company has a market capitalization of $400.81 million, a P/E ratio of 8.74 and a beta of 1.70. The company's 50-day simple moving average is $8.76 and its 200 day simple moving average is $9.83. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04.
Nexxen International announced that its Board of Directors has authorized a share buyback program on Friday, August 15th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.
About Nexxen International
(Get Free Report)Tremor International Ltd provides end-to-end software platform that enables advertisers to reach relevant audiences and publishers. 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.
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