Analysts Recommend “Buy” for Nexxen International as Price Target Set
Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN) has received an average recommendation of “Buy” from ten research firms currently covering the company, according to Marketbeat.com. Among these analysts, one has issued a hold rating, eight have designated the stock as a buy, and one has given it a strong buy rating. The average price target for the stock over the next year stands at approximately $14.78.
Several recent research reports have focused on Nexxen International. On October 7, 2023, BTIG Research initiated coverage of the company with a buy rating and set a target price of $13.00. In contrast, Wall Street Zen downgraded Nexxen from a buy rating to a hold rating on August 22, 2023. Additionally, Weiss Ratings reaffirmed a “hold (c)” rating for Nexxen on October 8, 2023, while Rosenblatt Securities maintained its buy rating and set a price objective of $16.00 on the same day as the downgrade.
Stock Performance and Buyback Program
As of Thursday, Nexxen’s stock opened at $8.00. The company reports a debt-to-equity ratio of 0.04, a current ratio of 1.35, and a quick ratio of 1.35. Over the past fifty days, the stock has had a moving average price of $9.04, while the 200-day average stands at $9.93. Over the last year, Nexxen has recorded a fifty-two week low of $6.93 and a high of $12.60. The market capitalization of Nexxen International currently sits at $507.36 million, with a price-to-earnings (PE) ratio of 12.70 and a beta of 1.70.
On August 15, 2023, Nexxen International announced a share buyback program authorized by its board. The program allows the company to repurchase up to $20.00 million in shares, equivalent to approximately 3.4% of its outstanding shares. Share buyback initiatives are often interpreted as a signal from the board that they believe the stock is currently undervalued.
About Nexxen International Ltd.
Nexxen International Ltd. operates a comprehensive software platform aimed at enabling advertisers to effectively reach their target audiences. The company’s demand-side platform (DSP) provides both full-service and self-managed access for advertisers and agencies, facilitating the execution of digital marketing campaigns across various ad formats in real time.
Investors and analysts continue to monitor Nexxen International closely as it navigates the market landscape and implements strategic initiatives. With a solid recommendation from multiple analysts, the company’s future performance will be of significant interest to stakeholders.
