Nuvei (NASDAQ:NVEI) Shares Gap Up to $31.62

Shares of Nuvei Co. (NASDAQ:NVEIGet Free Report) gapped up before the market opened on Monday . The stock had previously closed at $31.62, but opened at $33.30. Nuvei shares last traded at $33.38, with a volume of 429,195 shares traded.

Analyst Upgrades and Downgrades

NVEI has been the subject of several research analyst reports. William Blair downgraded shares of Nuvei from an “outperform” rating to a “market perform” rating in a research report on Monday. The Goldman Sachs Group upped their price target on shares of Nuvei from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Canaccord Genuity Group reduced their price target on shares of Nuvei from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank of Canada upped their price target on shares of Nuvei from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, Raymond James upped their price target on shares of Nuvei from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Nuvei presently has an average rating of “Moderate Buy” and an average price target of $31.88.

Read Our Latest Research Report on NVEI

Nuvei Price Performance

The stock’s fifty day moving average price is $26.07 and its 200-day moving average price is $21.99. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -537.58, a P/E/G ratio of 1.95 and a beta of 2.68. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Nuvei (NASDAQ:NVEIGet Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. The business had revenue of $321.52 million during the quarter, compared to the consensus estimate of $319.60 million. Nuvei had a negative net margin of 0.66% and a positive return on equity of 6.64%. As a group, equities research analysts forecast that Nuvei Co. will post 1.27 earnings per share for the current fiscal year.

Nuvei Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 4th. Investors of record on Tuesday, March 19th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, March 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. Nuvei’s payout ratio is currently -666.56%.

Hedge Funds Weigh In On Nuvei

A number of hedge funds have recently made changes to their positions in NVEI. Capital International Investors boosted its position in shares of Nuvei by 102.5% during the 1st quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock worth $546,607,000 after purchasing an additional 3,679,400 shares during the period. Wellington Management Group LLP boosted its position in shares of Nuvei by 70.0% during the 1st quarter. Wellington Management Group LLP now owns 4,672,026 shares of the company’s stock worth $352,221,000 after purchasing an additional 1,923,114 shares during the period. Sylebra Capital LLC boosted its position in shares of Nuvei by 281.8% during the 4th quarter. Sylebra Capital LLC now owns 2,060,386 shares of the company’s stock worth $54,106,000 after purchasing an additional 1,520,721 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Nuvei during the 4th quarter worth approximately $30,845,000. Finally, Nuveen Asset Management LLC boosted its position in shares of Nuvei by 488.9% during the 4th quarter. Nuveen Asset Management LLC now owns 628,549 shares of the company’s stock worth $16,578,000 after purchasing an additional 521,824 shares during the period. Hedge funds and other institutional investors own 42.45% of the company’s stock.

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. The company's platform enables customers to pay and/or accept payments worldwide regardless of the location, device, or preferred payment method.

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