In a remarkable display of market resilience, NEXN stock soared to a 52-week high, reaching a price level of $8.45. This peak comes amidst a broader market rally that has seen many stocks rebound from previous lows. While NEXN celebrates this milestone, another notable performer, Tremor International ADR, has witnessed an impressive 1-year change, surging by 139.89%. This significant uptick in Tremor's performance underscores a period of robust growth for the company, even as NEXN enjoys its own moment in the spotlight with its new 52-week record.
In other recent news, Nexxen International Ltd. has announced a $50 million share repurchase program, a move expected to impact the company's earnings per share by potentially reducing the number of shares outstanding. The company's first quarter results exceeded projections, with a contribution excluding Traffic Acquisition Costs (ex-TAC) 4% higher than expected and EBITDA $1.8M above consensus. Following these robust financial results, RBC Capital has raised its price target for Nexxen from $9 to $11, maintaining an Outperform rating, indicating the firm's continued confidence in Nexxen's prospects.
In addition, Nexxen's directors have engaged in transactions under Rule 10b-5, which are part of the directors' planned financial management strategies and are executed through plans that allow insiders to trade shares at predetermined times and prices. These recent developments have led to positive ratings from financial firms such as RBC Capital Markets, which increased the stock's price target from $8.00 to $9.00, maintaining an Outperform rating. However, Stifel maintains a Hold rating, awaiting stronger evidence of growth in the Connected TV (CTV) segment.
These are all recent developments in Nexxen International Ltd.'s financial journey. The company is set to release its financial results for the second quarter of 2024 soon.
InvestingPro Insights
NEXN's recent achievement of a 52-week high is further supported by InvestingPro data, which reveals a strong 123.8% price total return over the past year. This impressive performance aligns with the stock's current trading near its 52-week high, with the price at 99.64% of that peak. InvestingPro Tips highlight that NEXN has shown a "Strong return over the last three months" and a "Large price uptick over the last six months," corroborating the stock's recent momentum.
Despite the stock's stellar performance, investors should note that NEXN is "Trading at a high EBIT valuation multiple," according to InvestingPro Tips. This suggests that the market has high expectations for the company's future earnings potential. Additionally, with a gross profit margin of 81.81% for the last twelve months as of Q2 2024, NEXN demonstrates "Impressive gross profit margins," another key InvestingPro Tip.
For those seeking a deeper understanding of NEXN's financial health and market position, InvestingPro offers 13 additional tips, providing a comprehensive analysis to inform investment decisions.
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