Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) Short Interest Up 29.3% in February

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) saw a large growth in short interest during the month of February. As of February 13th, there was short interest totaling 1,967,948 shares, a growth of 29.3% from the January 29th total of 1,521,712 shares. Based on an average daily volume of 357,915 shares, the days-to-cover ratio is presently 5.5 days. Currently, 3.5% of the company’s stock are sold short. Currently, 3.5% of the company’s stock are sold short. Based on an average daily volume of 357,915 shares, the days-to-cover ratio is presently 5.5 days.

Analyst Upgrades and Downgrades

NEXN has been the subject of several research analyst reports. Citizens Jmp reduced their target price on Nexxen International from $15.00 to $12.00 and set a “market outperform” rating for the company in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexxen International in a report on Thursday, January 22nd. Royal Bank Of Canada decreased their price objective on shares of Nexxen International from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, November 14th. BTIG Research dropped their target price on shares of Nexxen International from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Finally, Craig Hallum cut shares of 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, November 13th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $12.22.

Institutional Trading of Nexxen International

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in Nexxen International by 1,062.0% during the 2nd quarter. Geode Capital Management LLC now owns 509,808 shares of the company’s stock valued at $5,307,000 after purchasing an additional 465,936 shares during the period. Rock Point Advisors LLC boosted its position in Nexxen International by 42.5% during the 4th quarter. Rock Point Advisors LLC now owns 950,517 shares of the company’s stock worth $6,216,000 after acquiring an additional 283,295 shares during the period. ARK Investment Management LLC acquired a new position in Nexxen International during the 3rd quarter worth $1,798,000. Harbor Capital Advisors Inc. bought a new position in shares of Nexxen International in the third quarter worth $1,239,000. Finally, BNP Paribas Financial Markets grew its position in Nexxen International by 354.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 122,106 shares of the company’s stock valued at $1,271,000 after buying an additional 95,219 shares in the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

Nexxen International Stock Performance

Nexxen International stock opened at $6.47 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.25 and a quick ratio of 1.25. Nexxen International has a 12 month low of $5.60 and a 12 month high of $12.60. The company has a fifty day moving average price of $6.19 and a two-hundred day moving average price of $7.54. The company has a market cap of $367.17 million, a PE ratio of 10.78 and a beta of 1.69.

Nexxen International declared that its board has approved a stock buyback plan on Thursday, November 20th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

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.