Wolfe Research Cuts Nuvei (NASDAQ:NVEI) Price Target to $35.00

Nuvei (NASDAQ:NVEIGet Rating) had its price objective reduced by Wolfe Research from $42.00 to $35.00 in a report released on Thursday, The Fly reports. Wolfe Research’s target price indicates a potential upside of 29.63% from the company’s previous close.

Several other research firms have also commented on NVEI. Raymond James cut their price objective on Nuvei from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 18th. BMO Capital Markets cut their price objective on Nuvei from $108.00 to $106.00 and set an “outperform” rating on the stock in a research report on Friday, November 4th. Finally, Keefe, Bruyette & Woods cut their price objective on Nuvei from $52.00 to $48.00 in a research report on Monday, October 10th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.21.

Nuvei Price Performance

Shares of Nuvei stock opened at $27.00 on Thursday. Nuvei has a twelve month low of $23.71 and a twelve month high of $79.13. The stock has a market capitalization of $3.82 billion, a P/E ratio of 67.50, a PEG ratio of 1.19 and a beta of 1.44. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $28.08 and its 200 day moving average price is $30.74.

Nuvei (NASDAQ:NVEIGet Rating) last issued its earnings results on Thursday, November 3rd. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Nuvei had a return on equity of 7.71% and a net margin of 7.13%. The firm had revenue of $197.15 million for the quarter, compared to analysts’ expectations of $187.27 million. As a group, research analysts anticipate that Nuvei will post 1.12 earnings per share for the current year.

Institutional Trading of Nuvei

A number of hedge funds and other institutional investors have recently modified their holdings of NVEI. Capital International Investors increased its holdings in Nuvei by 102.5% in the first quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock valued at $546,607,000 after buying an additional 3,679,400 shares during the last quarter. Wellington Management Group LLP increased its holdings 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 buying an additional 1,923,114 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nuvei by 2.8% in the third quarter. Vanguard Group Inc. now owns 2,238,298 shares of the company’s stock valued at $60,546,000 after buying an additional 61,226 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Nuvei by 61.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,398,115 shares of the company’s stock valued at $37,819,000 after buying an additional 533,047 shares during the last quarter. Finally, Amundi increased its holdings in Nuvei by 3.8% in the second quarter. Amundi now owns 950,030 shares of the company’s stock valued at $28,996,000 after buying an additional 34,819 shares during the last quarter. 29.56% of the stock is owned by hedge funds and other institutional investors.

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.

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