Scotiabank Has Lowered Expectations for Nexxen International (NASDAQ:NEXN) Stock Price

Nexxen International (NASDAQ:NEXN) had its price target dropped by Scotiabank from $12.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 34.05% from the company’s current price.

Several other research firms have also issued reports on NEXN. Weiss Ratings restated a “hold (c)” rating on shares of Nexxen International in a research report on Thursday, January 22nd. BTIG Research lowered their price objective on Nexxen International from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Royal Bank Of Canada dropped their price objective on Nexxen International from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 14th. Canaccord Genuity Group cut their target price on shares of Nexxen International from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, November 14th. Finally, Rosenblatt Securities lifted their target price on shares of Nexxen International from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Nexxen International currently has an average rating of “Moderate Buy” and a consensus target price of $11.28.

Nexxen International Stock Performance

NASDAQ NEXN opened at $7.46 on Thursday. The company has a 50-day simple moving average of $6.22 and a two-hundred day simple moving average of $7.49. The company has a quick ratio of 1.25, a current ratio of 1.29 and a debt-to-equity ratio of 0.04. Nexxen International has a 12-month low of $5.60 and a 12-month high of $12.60. The firm has a market cap of $419.85 million, a price-to-earnings ratio of 18.20 and a beta of 1.69.

Nexxen International (NASDAQ:NEXN) last announced its quarterly earnings data on Wednesday, March 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. The firm had revenue of $100.71 million for the quarter, compared to analysts’ expectations of $100.39 million. Nexxen International had a return on equity of 9.47% and a net margin of 6.87%. On average, equities analysts forecast that Nexxen International will post 0.25 EPS for the current year.

Nexxen International announced that its board has initiated a stock buyback program on Thursday, November 20th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System purchased a new stake in Nexxen International in the 2nd quarter worth approximately $25,000. Quantbot Technologies LP purchased a new position in shares of Nexxen International during the third quarter valued at approximately $43,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Nexxen International during the second quarter valued at approximately $90,000. SG Americas Securities LLC bought a new position in shares of Nexxen International during the third quarter valued at approximately $102,000. Finally, New York State Common Retirement Fund bought a new position in shares of Nexxen International during the second quarter valued at approximately $124,000. Institutional investors 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. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns.