In a remarkable display of resilience, NEXN stock soared to a 52-week high, reaching $8.69 as investors rallied behind the company’s promising outlook. This peak comes as a significant milestone for NEXN, reflecting a period of robust performance and investor confidence. While NEXN celebrates this high, another notable mention in the market is Tremor International ADR, which has witnessed an impressive 1-year change, surging by 137.08%. This substantial growth underscores the dynamic nature of the market, where companies like NEXN and Tremor International ADR are making notable strides in their respective sectors.
In other recent news, Nexxen International Ltd. reported impressive third-quarter results for 2024, surpassing expectations with a significant 52% growth in Connected TV revenue and a 900 basis point increase in EBITDA margins year-over-year. Needham adjusted Nexxen’s financial forecasts, raising the stock’s price target to $9.50 and highlighting an expected $10 million in political revenue for the latter half of 2024. The firm also noted Nexxen’s decision to delist from the London Stock Exchange (LON:) as a strategic move.
In further developments, Nexxen has announced plans to initiate a $50 million share repurchase program, a move seen as aligning with the company’s financial strategy and capital allocation plans. The company also disclosed that its directors have engaged in transactions under Rule 10b-5, a regulatory compliance measure allowing insiders to trade shares at predetermined times and prices.
Additionally, Nexxen has announced its intention to delist from the AIM market, a decision set to be discussed at the upcoming Annual General Meeting. This major corporate action has been communicated to shareholders, who are encouraged to participate in the decision-making process. The company has also set a date for the release of its third quarter 2024 financial results, providing investors with an opportunity to assess the company’s recent performance.
RBC Capital has expressed confidence in Nexxen’s prospects, raising its price target from $9 to $11 and maintaining an Outperform rating. These developments highlight Nexxen’s ongoing financial journey and strategic moves in the market.
InvestingPro Insights
NEXN’s recent stock performance aligns with several positive indicators highlighted by InvestingPro. The company’s stock has demonstrated a strong return over the last year, with InvestingPro data showing a remarkable 110.11%…
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