Teachers Retirement System of The State of Kentucky purchased a new position in shares of Nuvei Co. (NASDAQ:NVEI – Get Rating) during the first quarter, Holdings Channel reports. The firm purchased 22,965 shares of the company’s stock, valued at approximately $1,731,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors increased its stake in shares of Nuvei by 102.5% in the 1st quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock valued at $546,607,000 after purchasing an additional 3,679,400 shares during the last quarter. Wellington Management Group LLP grew its position in Nuvei by 70.0% in the first quarter. Wellington Management Group LLP now owns 4,672,026 shares of the company’s stock valued at $352,221,000 after acquiring an additional 1,923,114 shares during the last quarter. Vanguard Group Inc. grew its position in Nuvei by 2.7% in the first quarter. Vanguard Group Inc. now owns 2,131,787 shares of the company’s stock valued at $160,715,000 after acquiring an additional 56,511 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Nuvei in the fourth quarter valued at about $60,178,000. Finally, 1832 Asset Management L.P. bought a new position in Nuvei in the fourth quarter valued at about $48,234,000. 29.02% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on the company. Credit Suisse Group cut Nuvei from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $43.00 in a research report on Friday, July 22nd. Canaccord Genuity Group decreased their target price on Nuvei from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 11th. The Goldman Sachs Group cut Nuvei from a “buy” rating to a “neutral” rating and decreased their target price for the company from $72.00 to $40.00 in a research report on Thursday, July 14th. CIBC cut Nuvei from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, August 10th. Finally, Canaccord Genuity Group reduced their price target on Nuvei from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, August 11th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Nuvei currently has a consensus rating of “Moderate Buy” and an average price target of $71.38.
Nuvei Stock Performance
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.
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