Nexxen International Ltd. (NASDAQ:NEXN) Sees Significant Drop in Short Interest

Nexxen International Ltd. (NASDAQ:NEXN) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 41,500 shares, a decline of 36.7% from the August 15th total of 65,600 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 59,700 shares, the days-to-cover ratio is presently 0.7 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JMP Securities restated a “market outperform” rating and issued a $11.00 price objective on shares of Nexxen International in a report on Friday, June 14th. Lake Street Capital boosted their price target on shares of Nexxen International from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Needham & Company LLC raised their price objective on Nexxen International from $6.50 to $8.50 and gave the company a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus lifted their price objective on Nexxen International from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Tuesday, May 21st. Finally, Royal Bank of Canada increased their target price on Nexxen International from $9.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.10.

Nexxen International Trading Down 0.4 %

Nexxen International stock traded down $0.03 during trading hours on Monday, reaching $7.51. The stock had a trading volume of 30,610 shares, compared to its average volume of 62,396. The company has a fifty day simple moving average of $6.98 and a 200-day simple moving average of $6.14. Nexxen International has a 52 week low of $3.15 and a 52 week high of $8.32. The stock has a market cap of $519.23 million, a PE ratio of -57.77 and a beta of 1.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.47 and a quick ratio of 1.47.

Nexxen International (NASDAQ:NEXN) last posted its earnings results on Thursday, August 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.02). The business had revenue of $88.58 million during the quarter, compared to the consensus estimate of $85.75 million. Nexxen International had a positive return on equity of 5.92% and a negative net margin of 0.57%. During the same period in the previous year, the business earned $0.03 earnings per share. Analysts forecast that Nexxen International will post 0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Nexxen International

Hedge funds have recently made changes to their positions in the business. Rock Point Advisors LLC purchased a new stake in Nexxen International in the second quarter worth $3,562,000. Renaissance Technologies LLC bought a new position in Nexxen International in the 2nd quarter worth $810,000. Dimensional Fund Advisors LP bought a new position in Nexxen International in the 2nd quarter worth $451,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Nexxen International in the 2nd quarter worth about $141,000. Finally, Marshall Wace LLP bought a new stake in shares of Nexxen International during the 2nd quarter valued at about $136,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

About Nexxen International

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.