Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Update

Nexxen International Ltd. (NASDAQ:NEXN) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 423,600 shares, a growth of 351.6% from the February 13th total of 93,800 shares. Based on an average trading volume of 138,800 shares, the short-interest ratio is currently 3.1 days. Approximately 1.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

NEXN has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $12.00 price target on shares of Nexxen International in a research note on Thursday, March 6th. Royal Bank of Canada raised their target price on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, JMP Securities reiterated a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a research note on Monday, January 27th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Nexxen International presently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Nexxen International Price Performance

Shares of NEXN stock traded down $0.28 during midday trading on Friday, reaching $7.30. 459,617 shares of the company traded hands, compared to its average volume of 84,014. The firm has a market cap of $463.01 million, a PE ratio of 182.38 and a beta of 1.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43. The firm’s 50 day simple moving average is $15.37 and its two-hundred day simple moving average is $16.55. Nexxen International has a 1-year low of $6.93 and a 1-year high of $21.88.

Nexxen International announced that its board has approved a share buyback program on Wednesday, March 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NEXN. Advisors Preferred LLC purchased a new stake in shares of Nexxen International in the 4th quarter worth about $69,000. GAMMA Investing LLC lifted its holdings in shares of Nexxen International by 2,021.9% in the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after purchasing an additional 8,027 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Nexxen International in the fourth quarter valued at approximately $110,000. D.A. Davidson & CO. purchased a new position in shares of Nexxen International during the 4th quarter worth approximately $121,000. Finally, Jane Street Group LLC acquired a new position in shares of Nexxen International during the 4th quarter worth approximately $121,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Nexxen International Company Profile

Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. 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.