TEL AVIV, Israel - Nexxen International Ltd., a company specializing in computer programming and data processing services, disclosed today that certain directors have engaged in stock transactions under pre-established trading plans in accordance with Rule 10b-5.
The company, formerly known as Tremor International Ltd., announced the director dealings as part of their regulatory compliance with the AIM Market Rules. These trades are executed through non-discretionary plans which allow company insiders to sell shares at predetermined times and prices, thereby avoiding potential conflicts of interest or accusations of insider trading.
This information, detailed in a company announcement on July 31, 2024, has been filed with the United States Securities and Exchange Commission (SEC) and is included as Exhibit 99.1 in the Form 6-K report. The filing specifies that the trading plans were established following the guidelines set by Rule 10b-5, designed to prevent insider trading by allowing executives to set up a schedule for selling stocks they own.
Nexxen International Ltd., with its principal executive office located at 82 Yigal Alon Street in Tel Aviv, operates under the SEC file number 001-40504. The company's Chief Financial Officer, Sagi Niri, signed off on the SEC report, which confirms the planned transactions by directors.
Investors and stakeholders are often interested in the trading behaviors of company directors as it can sometimes signal their confidence in the company's future performance. However, it is important to note that trades made under Rule 10b-5 plans are typically scheduled in advance and may not necessarily reflect the directors' current view or outlook on the company.
The company has stated that the information contained in the Form 6-K report is incorporated by reference into the company’s registration statement on Form S-8 (Registration No. 333-258731), to the extent that it is not superseded by subsequent documents filed or furnished.
In other recent news, Nexxen International Ltd. has posted its Annual Report and Accounts for 2023, which can now be accessed on the company's investor relations website. This release is in line with the U.S. Securities and Exchange Commission (SEC) regulations for financial transparency. Notably, the company's 1Q24 results exceeded projections with its EBITDA $1.8M above consensus and a contribution excluding Traffic Acquisition Costs (ex-TAC) 4% higher than expected. Furthermore, Nexxen has initiated a new $50M share repurchase program.
In terms of strategic moves, Nexxen has integrated Amobee and launched the Nexxen Data Platform, witnessing increased demand for its TV Intelligence solution. These developments have prompted positive ratings from RBC Capital Markets and JMP Securities, with price targets ranging from $8.00 to $11.00. However, Stifel maintains a Hold rating, awaiting stronger evidence of growth in the Connected TV (CTV) segment.
Recently, Stifel raised its price target for Nexxen to $6.00, while RBC Capital maintained an Outperform rating with a steady price target of $8.00. Both firms recognize Nexxen's strong start to the year and anticipate potential growth from strategic initiatives and industry movements. These are the latest developments in Nexxen International Ltd.'s financial journey.
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