Nexxen International (NASDAQ:NEXN) Shares Gap Down – Should You Sell?

Nexxen International Ltd. Sponsored ADR (NASDAQ:NEXN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $10.48, but opened at $10.15. Nexxen International shares last traded at $10.3690, with a volume of 65,902 shares changing hands.

Analysts Set New Price Targets

Several brokerages have issued reports on NEXN. Rosenblatt Securities reaffirmed a “buy” rating and set a $16.00 price objective on shares of Nexxen International in a report on Wednesday, June 17th. Raymond James Financial raised their price target on Nexxen International from $9.00 to $11.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. BTIG Research boosted their price objective on Nexxen International from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Needham & Company LLC increased their price objective on Nexxen International from $8.50 to $10.50 and gave the company a “buy” rating in a report on Wednesday, June 17th. Finally, Scotiabank raised their target price on shares of Nexxen International from $10.00 to $11.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Nexxen International Price Performance

The stock has a fifty day moving average of $9.48 and a two-hundred day moving average of $7.86. The stock has a market cap of $607.82 million, a price-to-earnings ratio of 36.00 and a beta of 1.60. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.04.

Nexxen International (NASDAQ:NEXN) last issued its earnings results on Wednesday, August 12th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Nexxen International had a net margin of 4.85% and a return on equity of 7.78%. The company had revenue of $100.52 million during the quarter, compared to analysts’ expectations of $93.09 million. On average, equities research analysts anticipate that Nexxen International Ltd. Sponsored ADR will post 0.75 earnings per share for the current year.

Insider Buying and Selling at Nexxen International

In other news, CFO Sagi Niri sold 68,886 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $9.08, for a total value of $625,484.88. Following the sale, the chief financial officer directly owned 381,856 shares in the company, valued at $3,467,252.48. This represents a 15.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,468 shares of company stock valued at $2,350,050 over the last ninety days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NEXN. California State Teachers Retirement System acquired a new stake in shares of Nexxen International during the second quarter worth $25,000. Quantbot Technologies LP purchased a new stake in shares of Nexxen International in the third quarter valued at $43,000. Legato Capital Management LLC increased its stake in Nexxen International by 23.8% in the fourth quarter. Legato Capital Management LLC now owns 25,028 shares of the company’s stock valued at $164,000 after purchasing an additional 4,815 shares during the last quarter. GAMMA Investing LLC lifted its position in Nexxen International by 69.5% during the second quarter. GAMMA Investing LLC now owns 16,496 shares of the company’s stock worth $149,000 after buying an additional 6,764 shares during the period. Finally, New York State Common Retirement Fund purchased a new position in Nexxen International during the second quarter worth about $124,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

Nexxen International Company Profile

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.