Royal Bank Of Canada Issues Pessimistic Forecast for Nexxen International (NASDAQ:NEXN) Stock Price

Nexxen International (NASDAQ:NEXN) had its price objective reduced by equities researchers at Royal Bank Of Canada from $14.00 to $12.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 91.85% from the company’s previous close.

NEXN has been the subject of several other research reports. Citizens Jmp dropped their price objective on shares of Nexxen International from $15.00 to $12.00 and set a “market outperform” rating for the company in a research note on Friday. Craig Hallum downgraded shares of Nexxen International from a “buy” rating to a “hold” rating and set a $8.00 price objective on the stock. in a research note on Thursday. BTIG Research cut their target price on Nexxen International from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Nexxen International in a research note on Friday, August 22nd. Finally, Wall Street Zen cut shares of Nexxen International from a “buy” rating to a “hold” rating in a report on Friday, August 22nd. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.80.

Nexxen International Stock Performance

NEXN stock traded down $0.07 during mid-day trading on Friday, hitting $6.26. 236,752 shares of the company were exchanged, compared to its average volume of 420,286. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. The business has a 50 day simple moving average of $8.76 and a 200-day simple moving average of $9.83. Nexxen International has a 1-year low of $6.08 and a 1-year high of $12.60. The stock has a market capitalization of $396.69 million, a PE ratio of 9.93 and a beta of 1.70.

Nexxen International announced that its board has authorized a share buyback program on Friday, August 15th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Nexxen International

A number of hedge funds have recently modified their holdings of the business. Navellier & Associates Inc. increased its holdings in Nexxen International by 1.2% in the first quarter. Navellier & Associates Inc. now owns 99,374 shares of the company’s stock valued at $830,000 after purchasing an additional 1,182 shares during the period. California State Teachers Retirement System bought a new stake in Nexxen International in the second quarter valued at approximately $25,000. Quantbot Technologies LP bought a new position in Nexxen International during the 3rd quarter worth approximately $43,000. Legato Capital Management LLC boosted its stake in shares of Nexxen International by 54.4% in the 3rd quarter. Legato Capital Management LLC now owns 20,213 shares of the company’s stock valued at $187,000 after purchasing an additional 7,124 shares during the last quarter. Finally, Strs Ohio increased its position in shares of Nexxen International by 14.1% during the third quarter. Strs Ohio now owns 61,400 shares of the company’s stock worth $568,000 after buying an additional 7,600 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

About Nexxen International

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.