Nixxy (NASDAQ:NIXX) Trading 12% Higher – Should You Buy?

Nixxy, Inc. (NASDAQ:NIXX)’s share price shot up 12% on Wednesday . The stock traded as high as $1.75 and last traded at $1.68. 2,846,286 shares were traded during mid-day trading, a decline of 67% from the average session volume of 8,747,930 shares. The stock had previously closed at $1.50.

Analysts Set New Price Targets

NIXX has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Nixxy in a research report on Friday, May 15th. Wall Street Zen upgraded Nixxy from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Nixxy Price Performance

The company has a market capitalization of $48.92 million, a PE ratio of -8.84 and a beta of 0.31. The stock’s 50 day simple moving average is $0.83 and its 200-day simple moving average is $0.81.

Nixxy (NASDAQ:NIXX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($3.00) by $3.02. The business had revenue of $29.09 million during the quarter, compared to analyst estimates of $7.20 million. Nixxy had a negative net margin of 7.88% and a negative return on equity of 75.34%.

Hedge Funds Weigh In On Nixxy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NIXX. Jane Street Group LLC acquired a new position in shares of Nixxy in the fourth quarter worth $121,000. Geode Capital Management LLC raised its stake in shares of Nixxy by 15.5% in the fourth quarter. Geode Capital Management LLC now owns 228,701 shares of the company’s stock valued at $220,000 after acquiring an additional 30,696 shares in the last quarter. XTX Topco Ltd purchased a new position in Nixxy in the second quarter valued at $73,000. Finally, Virtu Financial LLC purchased a new position in Nixxy in the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 13.14% of the company’s stock.

About Nixxy

Nixxy Inc operates an on-demand recruiting platform which aims to deliver the right talent to both small and large businesses. It provides employers access to independent recruiters and utilizes an innovative web platform, with integrated AI-driven candidate to job matching and video screening software to source qualified talent. Nixxy Inc, formerly known as Recruiter.com Group Inc, is based in Bristol, CT.