Canaccord Genuity Group Initiates Coverage on Nexxen International

Investment analysts at Canaccord Genuity Group have commenced coverage on the shares of Nexxen International (NASDAQ:NEXN) in a report published on Wednesday. The brokerage has provided a "buy" rating along with a price target of $12.00 for the stock. This target implies a potential upside of 57.27% from Nexxen's current share price.

NEXN has attracted attention from several other research firms as well. JMP Securities reaffirmed a "market outperform" rating for Nexxen International and set a target price of $22.00 on January 27. Additionally, the Royal Bank of Canada raised its target price for Nexxen from $22.00 to $26.00 while assigning an "outperform" rating in a note released on January 3. Moreover, Needham & Company LLC renewed a "buy" rating and reiterated a $12.00 target price for Nexxen International on March 6. Currently, one analyst rates the stock as a hold while five analysts have given it a buy rating, leading to a consensus rating of "Moderate Buy" with an average target price of $17.00 according to MarketBeat.

Nexxen International Stock Performance

The stock of Nexxen International opened at $7.63 on Wednesday, and it boasts a market capitalization of approximately $483.87 million. Its P/E ratio stands at 190.75, with a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.43, and a current ratio of 1.43. Over the past year, shares of Nexxen have reached a low of $6.93 and a high of $21.88. The 50-day simple moving average for the stock is $12.80, while the 200-day simple moving average is $15.99.

On March 5, Nexxen International announced its board's approval for a share repurchase plan, allowing the company to buy back $50 million worth of shares. This plan is intended to enable the company to reacquire up to 8.2% of its outstanding shares through open market transactions. Typically, such repurchase plans signal that a company's directors perceive its stock to be undervalued.

Recent Institutional Trading Activity

Several institutional investors have recently engaged in trading Nexxen International's shares. GAMMA Investing LLC increased its holdings in the company by an astounding 2,021.9% during the fourth quarter, now owning 8,424 shares worth $84,000 after purchasing an additional 8,027 shares. Meanwhile, JPMorgan Chase & Co. raised its position in Nexxen by 24.3% in the third quarter, owning 57,998 shares valued at about $466,000 after acquiring an additional 11,346 shares during that time. D.A. Davidson & Co. acquired a new stake in Nexxen International during the fourth quarter, estimated to be worth around $121,000. In the third quarter, Tidal Investments LLC expanded its holdings by 4.6%, now owning 48,072 shares valued at $386,000 after adding 2,125 shares. Finally, Rice Hall James & Associates LLC bolstered its stake by 86.3% in the fourth quarter, now holding 567,544 shares valued at approximately $5,687,000 after acquiring an additional 262,961 shares. Overall, institutional investors own about 54.24% of Nexxen International's stock.

About Nexxen International

Nexxen International Ltd. specializes in providing a comprehensive software platform that enables advertisers to connect with publishers primarily in Israel. The company's demand-side platform (DSP) offers both full-service and self-managed marketplace access for advertisers and agencies to execute their digital marketing campaigns in real-time across various advertising formats.

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