BTIG Research Issues Pessimistic Forecast for Nexxen International (NASDAQ:NEXN) Stock Price

Nexxen International (NASDAQ:NEXN) had its price target cut by research analysts at BTIG Research from $10.00 to $9.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 36.78% from the company’s current price.

NEXN has been the topic of a number of other research reports. Rosenblatt Securities raised their target price on Nexxen International from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Canaccord Genuity Group reduced their price objective on Nexxen International from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Needham & Company LLC lowered their price objective on shares of Nexxen International from $9.00 to $7.50 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexxen International in a research report on Thursday, January 22nd. Finally, Scotiabank cut their target price on shares of Nexxen International from $12.00 to $10.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.17.

Nexxen International Stock Down 0.8%

Nexxen International stock opened at $6.58 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.29 and a quick ratio of 1.29. Nexxen International has a fifty-two week low of $5.60 and a fifty-two week high of $12.60. The firm has a fifty day moving average price of $6.39 and a two-hundred day moving average price of $7.31. The firm has a market cap of $370.32 million, a price-to-earnings ratio of 16.05 and a beta of 1.69.

Nexxen International (NASDAQ:NEXN) last issued its quarterly earnings results on Wednesday, March 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.06. The company had revenue of $100.71 million for the quarter, compared to the consensus estimate of $100.39 million. Nexxen International had a return on equity of 9.47% and a net margin of 6.87%. As a group, analysts forecast that Nexxen International will post 0.25 earnings per share for the current year.

Nexxen International announced that its board has authorized a share repurchase plan on Friday, January 2nd that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Nexxen International

Hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC bought a new stake in Nexxen International in the third quarter valued at $1,798,000. Harbor Capital Advisors Inc. bought a new position in shares of Nexxen International during the third quarter valued at $1,239,000. Rock Point Advisors LLC lifted its holdings in shares of Nexxen International by 14.9% during the third quarter. Rock Point Advisors LLC now owns 667,222 shares of the company’s stock valued at $6,172,000 after acquiring an additional 86,415 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Nexxen International in the 2nd quarter valued at $90,000. Finally, Strs Ohio boosted its stake in shares of Nexxen International by 35.7% in the 4th quarter. Strs Ohio now owns 83,300 shares of the company’s stock valued at $545,000 after purchasing an additional 21,900 shares in the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

Nexxen International Company Profile

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.