Pictet Asset Management SA Grows Stock Position in Nuvei Co. (NASDAQ:NVEI)

Pictet Asset Management SA raised its holdings in Nuvei Co. (NASDAQ:NVEIGet Rating) by 1.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 20,873 shares of the company’s stock after acquiring an additional 356 shares during the quarter. Pictet Asset Management SA’s holdings in Nuvei were worth $753,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of Nova Scotia raised its stake in Nuvei by 1.2% in the second quarter. Bank of Nova Scotia now owns 94,320 shares of the company’s stock valued at $3,412,000 after buying an additional 1,157 shares during the last quarter. State of Michigan Retirement System purchased a new stake in Nuvei in the second quarter valued at about $7,726,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Nuvei by 2.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 742,207 shares of the company’s stock valued at $26,822,000 after buying an additional 15,520 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Nuvei in the second quarter valued at about $130,000. Finally, TD Asset Management Inc. raised its stake in Nuvei by 4.9% in the second quarter. TD Asset Management Inc. now owns 299,471 shares of the company’s stock valued at $10,800,000 after buying an additional 14,063 shares during the last quarter. 29.02% of the stock is currently owned by hedge funds and other institutional investors.

Nuvei Stock Up 1.4 %

Shares of NVEI opened at $29.41 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.26. Nuvei Co. has a 12 month low of $24.73 and a 12 month high of $101.03. The stock’s 50 day moving average is $29.25 and its two-hundred day moving average is $35.02. The firm has a market cap of $4.16 billion and a P/E ratio of 73.53.

Analyst Upgrades and Downgrades

NVEI has been the subject of several research analyst reports. Royal Bank of Canada reduced their price objective on Nuvei from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Raymond James reduced their price objective on Nuvei from $41.00 to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, October 18th. Canaccord Genuity Group reduced their price objective on Nuvei from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 11th. Wolfe Research initiated coverage on Nuvei in a research note on Friday, October 7th. They issued an “outperform” rating and a $42.00 price objective for the company. Finally, National Bankshares reduced their price objective on Nuvei from $100.00 to $75.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.71.

Nuvei Company Profile

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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.

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Institutional Ownership by Quarter for Nuvei (NASDAQ:NVEI)

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