Canaccord Genuity Group Initiates Coverage on Nexxen International

Investment analysts at Canaccord Genuity Group have begun coverage on the shares of Nexxen International (NASDAQ:NEXN). In a report released on Wednesday, they assigned a "buy" rating and set a price target of $12.00 for the stock. This price target indicates a potential upside of 57.27% from the current market price of the company.

NEXN has attracted attention from other research firms as well. JMP Securities reiterated their "market outperform" rating and set a target price of $22.00 for Nexxen International in a report published on January 27th. Similarly, Royal Bank of Canada raised their target price from $22.00 to $26.00, maintaining an "outperform" rating in a note from January 3rd. Additionally, Needham & Company LLC reaffirmed a "buy" rating and established a target price of $12.00 for Nexxen International in a report on March 6th. Overall, one research analyst has rated the stock as a hold, while five have given it a buy rating, resulting in a consensus rating of "Moderate Buy" with an average target price of $17.00.

Nexxen International Stock Performance

Shares of Nexxen International opened at $7.63 on Wednesday. The stock features a market capitalization of $483.87 million, a price-to-earnings (P/E) ratio of 190.75, and a beta of 1.91. In terms of liquidity, the company has a debt-to-equity ratio of 0.04, with both a quick ratio and current ratio of 1.43. The stock has fluctuated within a one-year range, recording a low of $6.93 and a high of $21.88. Its 50-day and 200-day moving averages stand at $12.80 and $15.99, respectively.

Furthermore, Nexxen International's board has authorized a share repurchase plan, permitting the company to buy back up to $50 million in shares. This plan allows for the reacquisition of approximately 8.2% of its outstanding shares through open market purchases, which often signals that the board believes the stock is undervalued.

Institutional Ownership Trends

Recent trading activity shows that several hedge funds and institutional investors have made moves involving Nexxen International shares. GAMMA Investing LLC significantly increased its stake in the company by 2,021.9% during the fourth quarter, now holding 8,424 shares valued at approximately $84,000 after acquiring an additional 8,027 shares. JPMorgan Chase & Co. also boosted its position by 24.3% in the third quarter and now owns 57,998 shares worth around $466,000. Other noteworthy moves include D.A. Davidson & Co. purchasing a new stake valued at about $121,000, and Tidal Investments LLC increasing their holdings by 4.6% during the third quarter. Moreover, Rice Hall James & Associates LLC grew its stake by 86.3% during the fourth quarter, now owning 567,544 shares valued at approximately $5.7 million. Currently, hedge funds and institutional investors collectively own 54.24% of the stock.

About Nexxen International

Nexxen International Ltd. operates an end-to-end software platform that helps advertisers effectively reach publishers in Israel. The company provides a demand side platform (DSP) that offers both full-service and self-managed marketplace access, enabling advertisers and agencies to conduct their digital marketing campaigns in real-time across a variety of ad formats.

Nexxen, Stock, Coverage