Mirae Asset Global Investments Co. Ltd. Trims Stock Holdings in Nuvei Co. (NASDAQ:NVEI)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Nuvei Co. (NASDAQ:NVEIGet Rating) by 13.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,280 shares of the company’s stock after selling 20,407 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.10% of Nuvei worth $10,181,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. CIBC World Markets Inc. purchased a new position in shares of Nuvei in the fourth quarter worth about $5,582,000. Cibc World Market Inc. grew its stake in Nuvei by 1.9% during the first quarter. Cibc World Market Inc. now owns 87,514 shares of the company’s stock valued at $6,598,000 after acquiring an additional 1,618 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Nuvei during the fourth quarter valued at approximately $3,415,000. New York State Common Retirement Fund grew its stake in Nuvei by 19.5% during the first quarter. New York State Common Retirement Fund now owns 5,347 shares of the company’s stock valued at $403,000 after acquiring an additional 874 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new position in Nuvei during the fourth quarter valued at approximately $604,000. Hedge funds and other institutional investors own 29.02% of the company’s stock.

Nuvei Stock Down 0.4 %

Shares of NASDAQ NVEI opened at $31.64 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.26. Nuvei Co. has a 52 week low of $27.93 and a 52 week high of $140.23. The firm’s fifty day moving average is $33.21 and its 200 day moving average is $46.31. The company has a market cap of $4.47 billion and a price-to-earnings ratio of 62.04.

Wall Street Analyst Weigh In

Several brokerages recently commented on NVEI. National Bankshares reduced their price objective on shares of Nuvei from $100.00 to $75.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Royal Bank of Canada reduced their price objective on shares of Nuvei from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Credit Suisse Group lowered shares of Nuvei from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $85.00 to $43.00 in a research report on Friday, July 22nd. JPMorgan Chase & Co. dropped their target price on shares of Nuvei from $65.00 to $63.00 in a research report on Wednesday, July 20th. Finally, Canaccord Genuity Group dropped their target price on shares of Nuvei from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, August 11th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Nuvei has a consensus rating of “Moderate Buy” and a consensus price target of $71.38.

About Nuvei

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Nuvei Corporation provides payment technology solutions to merchants and partners in North America, Europe, the Middle East and Africa, Latin America, and the Asia Pacific. It provides a suite of payment solutions to support lifecycle of a transaction across mobile or in-app, online, unattended, and in-store channels.

Further Reading

Institutional Ownership by Quarter for Nuvei (NASDAQ:NVEI)

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