Nexxen International Ltd. Sees a Major Decline in Short Interest

Nexxen International Ltd. (NASDAQ:NEXN) experienced a noteworthy drop in short interest in December. As of December 31st, the total short interest was 76,900 shares, reflecting a decrease of 37.4% from the 122,900 shares reported on December 15th. Currently, only 0.1% of the company's shares are shorted. With an average daily trading volume of 168,900 shares, the short-interest ratio stands at 0.5 days.

Nexxen International Stock Performance

The shares of Nexxen International opened at $9.54 on the recent Tuesday. The company has a fifty-day simple moving average of $9.58 and a two-hundred-day simple moving average of $8.08. Its market capitalization is approximately $626.27 million, with a price-to-earnings (PE) ratio of 238.50 and a beta of 1.90. The company’s current and quick ratios are both positioned at 1.43, while its debt-to-equity ratio is 0.04. In the past year, Nexxen International has recorded a low of $4.61 and a high of $10.94.

Institutional Activity

Recently, several institutional investors and hedge funds have either purchased or sold shares of Nexxen International. Notably, Renaissance Technologies LLC established a new position worth approximately $810,000 in the second quarter. Dimensional Fund Advisors LP also bought a new stake valued at $451,000 during the same period. In the fourth quarter, GAMMA Investing LLC significantly increased its holdings by 2,021.9%, now owning 8,424 shares after acquiring an additional 8,027 shares. Furthermore, Rice Hall James & Associates LLC and Blue Trust Inc. have also made new investments, increasing their stakes in Nexxen International. Currently, hedge funds and institutional investors hold 54.24% of the company’s shares.

Analyst Opinions

Nexxen International has drawn attention from various analysts in recent weeks. Needham & Company LLC raised their price target for the shares from $9.50 to $12.00 and assigned a "buy" rating on December 10th. Meanwhile, Royal Bank of Canada upped their price objective from $11.00 to $13.00, offering an "outperform" rating in a note dated January 3rd. One analyst has given a hold rating, while four analysts have issued buy ratings for the stock. According to data from MarketBeat, Nexxen currently holds a consensus rating of "Moderate Buy" with a target price of $10.20.

About Nexxen International

Nexxen International Ltd. operates an end-to-end software platform, allowing advertisers to connect with publishers in Israel. Its demand-side platform (DSP) offers both full-service and self-managed marketplace access, enabling advertisers and agencies to run their digital marketing campaigns in real time across various ad formats.

Nexxen, Stocks, Short