Analysts Recommend “Buy” for Nexxen International as Price Target Hits $14.78

Shares of Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) are showing strong market support, as analysts have issued a consensus recommendation of “Buy.” According to MarketBeat Ratings, ten brokerages are currently covering the company, with eight analysts providing a buy rating, one a strong buy rating, and one suggesting a hold. The average twelve-month price target for Nexxen’s stock is set at $14.78.

Several analysts have recently commented on the stock. Notably, BTIG Research began coverage on October 7, 2023, assigning a buy rating with a price target of $13.00. In contrast, Weiss Ratings reiterated a hold rating in a report dated October 8, 2023, while Rosenblatt Securities maintained a buy rating and increased the price target to $16.00 on August 22, 2023.

Share Buyback Program Signals Confidence

Recently, Nexxen International’s Board of Directors approved a share buyback program on August 15, 2023, which authorizes the company to repurchase up to $20 million in outstanding shares. This initiative allows the repurchase of approximately 3.4% of the company’s shares through open market purchases. Such buyback programs typically indicate that the board believes the company’s shares are undervalued, thereby bolstering investor confidence.

Nexxen’s stock experienced a slight decline of 1.3% in recent trading sessions, reflecting broader market fluctuations.

Institutional Trading Activity Shows Increased Interest

Institutional investors are actively engaging with Nexxen International’s stock. For instance, JB Capital Partners LP significantly increased its stake by an astonishing 2,490% during the first quarter, now holding 3,492,557 shares valued at approximately $29.16 million.

Similarly, Rock Point Advisors LLC raised its stake by 32.7%, acquiring an additional 158,397 shares, bringing its total to 643,492 shares worth around $5.37 million. Other notable transactions include Quantbot Technologies LP, which purchased a new position valued at about $153,000, and Jump Financial LLC, acquiring shares worth around $146,000.

Overall, institutional investors now own approximately 54.24% of Nexxen International’s shares, indicating a robust interest in the company’s potential growth.

About Nexxen International:

Nexxen International provides a comprehensive software platform designed to assist advertisers in effectively reaching relevant audiences. The company’s demand-side platform (DSP) facilitates both full-service and self-managed access for advertisers and agencies, enabling them to execute digital marketing campaigns in real time across various ad formats.

As the market remains dynamic, stakeholders will be keen to observe how Nexxen International navigates these developments moving forward.