Short Interest in Nexxen International Ltd. (NASDAQ:NEXN) Rises By 351.6%

Nexxen International Ltd. (NASDAQ:NEXN) was the target of a large increase in short interest during the month of 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. Currently, 1.1% of the company’s stock are short sold. Based on an average daily trading volume, of 138,800 shares, the days-to-cover ratio is presently 3.1 days.

Nexxen International Stock Performance

NEXN stock traded down $0.41 during trading hours on Wednesday, reaching $7.82. The stock had a trading volume of 505,955 shares, compared to its average volume of 80,991. The stock has a market capitalization of $495.92 million, a PE ratio of 195.50 and a beta of 1.91. The stock has a 50-day simple moving average of $15.86 and a 200 day simple moving average of $16.67. Nexxen International has a fifty-two week low of $6.93 and a fifty-two week high of $21.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.43 and a quick ratio of 1.43.

Nexxen International announced that its board has initiated a stock repurchase plan on Wednesday, March 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Nexxen International

A number of hedge funds have recently made changes to their positions in NEXN. Two Sigma Investments LP acquired a new stake in Nexxen International during the 4th quarter valued at $593,000. Numerai GP LLC acquired a new stake in Nexxen International during the 4th quarter worth approximately $315,000. Millennium Management LLC boosted its stake in Nexxen International by 45.7% in the 4th quarter. Millennium Management LLC now owns 98,742 shares of the company’s stock valued at $989,000 after purchasing an additional 30,973 shares during the period. Cresset Asset Management LLC acquired a new position in Nexxen International in the 4th quarter valued at $210,000. Finally, Bank of America Corp DE increased its position in Nexxen International by 1,898.3% during the 4th quarter. Bank of America Corp DE now owns 15,107 shares of the company’s stock worth $151,000 after buying an additional 14,351 shares during the period. 54.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NEXN. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Nexxen International in a research report on Thursday, March 6th. JMP Securities restated a “market outperform” rating and set a $22.00 target price on shares of Nexxen International in a report on Monday, January 27th. Finally, Royal Bank of Canada boosted their price target on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.