Nexxen International Ltd. (NASDAQ:NEXN) Short Interest Up 351.6% in February

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

Nexxen International Stock Performance

NASDAQ:NEXN traded down $0.19 during mid-day trading on Thursday, hitting $7.63. The stock had a trading volume of 182,476 shares, compared to its average volume of 81,712. Nexxen International has a 52 week low of $6.93 and a 52 week high of $21.88. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $483.94 million, a price-to-earnings ratio of 191.00 and a beta of 1.91. The company has a 50 day simple moving average of $15.62 and a 200-day simple moving average of $16.61.

Nexxen International announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Nexxen International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in Nexxen International by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after acquiring an additional 2,125 shares in the last quarter. Advisors Preferred LLC acquired a new position in Nexxen International in the fourth quarter worth approximately $69,000. GAMMA Investing LLC raised its position in Nexxen International by 2,021.9% during the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after acquiring an additional 8,027 shares in the last quarter. Virtu Financial LLC acquired a new position in Nexxen International during the 4th quarter worth $110,000. Finally, JPMorgan Chase & Co. grew its position in shares of Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after purchasing an additional 11,346 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NEXN. JMP Securities reissued a “market outperform” rating and issued a $22.00 price objective on shares of Nexxen International in a research report on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of Nexxen International in a research report on Thursday, March 6th. Finally, 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 report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.00.

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.