Nexxen International (NASDAQ:NEXN) to Repurchase $40.00 million in Outstanding Stock

Nexxen International (NASDAQ:NEXN) declared that its board has authorized a stock buyback plan on Friday, January 2nd, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Nexxen International Stock Performance

NEXN stock opened at $6.32 on Friday. Nexxen International has a 1-year low of $6.08 and a 1-year high of $12.60. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average price of $6.94 and a 200-day moving average price of $8.72. The firm has a market cap of $358.66 million, a PE ratio of 10.53 and a beta of 1.71.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Craig Hallum downgraded shares of Nexxen International from a “buy” rating to a “hold” rating and set a $8.00 target price on the stock. in a report on Thursday, November 13th. Rosenblatt Securities reissued a “buy” rating and set a $15.00 price target on shares of Nexxen International in a research note on Monday, December 29th. Citizens Jmp decreased their price objective on Nexxen International from $15.00 to $12.00 and set a “market outperform” rating for the company in a report on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexxen International in a report on Wednesday, October 8th. Finally, BTIG Research reduced their price target on Nexxen International from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.50.

About Nexxen International

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. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns.