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 set a “buy” rating and a price target of $12.00 for the stock. This target implies a potential upside of approximately 57.27% compared to the company's current market price.

Nexxen International has caught the attention of several investment research firms. JMP Securities reiterated a “market outperform” rating for the stock, establishing a $22.00 target price in a note published on January 27th. Furthermore, Royal Bank of Canada recently raised their target price for Nexxen from $22.00 to $26.00 and provided an “outperform” rating in a report dated January 3rd. Additionally, Needham & Company LLC reaffirmed a “buy” rating for the stock and set a $12.00 target price on March 6th. Currently, one research analyst has given Nexxen a hold rating, while five others have provided buy ratings, leading to a consensus rating of “Moderate Buy” with an average target price of $17.00, according to MarketBeat.

Nexxen International's Stock Performance

On Wednesday, shares of NEXN opened at $7.63. The company has a market capitalization of $483.87 million, a price-to-earnings (P/E) ratio of 190.75, and a beta of 1.91. Its debt-to-equity ratio stands at 0.04, supported by a quick ratio and a current ratio of 1.43. Over the past year, Nexxen's stock has seen a low of $6.93 and a high of $21.88. The company's 50-day simple moving average is $12.80, while its 200-day simple moving average is $15.99.

Recently, Nexxen International announced a share repurchase plan approved by its board, which allows the company to buy back up to $50 million in shares—a move that suggests the board believes the stock is undervalued. This repurchase plan enables the company to reacquire about 8.2% of its outstanding shares through open market purchases.

Institutional Trading Activity

Institutional investors have been actively trading shares of Nexxen International. For example, GAMMA Investing LLC significantly increased its holdings in the company by 2,021.9% in the fourth quarter, acquiring 8,424 shares worth $84,000 after purchasing an additional 8,027 shares. Meanwhile, JPMorgan Chase & Co. raised its holdings in Nexxen International by 24.3% during the third quarter, now owning 57,998 shares valued at $466,000 after buying an additional 11,346 shares. D.A. Davidson & Co. also made a new investment in the fourth quarter worth approximately $121,000. Other notable investors include Tidal Investments LLC and Rice Hall James & Associates, which raised their positions in Nexxen during the third and fourth quarters respectively. Currently, hedge funds and institutional investors control about 54.24% of the stock.

Company Overview

Nexxen International Ltd. specializes in providing an end-to-end software platform that allows advertisers to connect with publishers in Israel. The company’s demand side platform (DSP) gives both full-service and self-managed marketplace access to advertisers and agencies to carry out their digital marketing campaigns in real time across various advertising formats.

Nexxen, Investors, Stocks