Vanguard Group Inc. Trims Stock Position in Nuvei Co. (NASDAQ:NVEI)

Vanguard Group Inc. lessened its stake in Nuvei Co. (NASDAQ:NVEI) by 0.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,228,200 shares of the company’s stock after selling 571 shares during the period. Vanguard Group Inc. owned 1.60% of Nuvei worth $33,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Sylebra Capital LLC purchased a new stake in Nuvei in the third quarter valued at approximately $8,095,000. Citigroup Inc. raised its position in Nuvei by 2.6% in the 3rd quarter. Citigroup Inc. now owns 22,776 shares of the company’s stock valued at $343,000 after purchasing an additional 576 shares during the last quarter. Wellington Management Group LLP boosted its stake in Nuvei by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock worth $114,248,000 after purchasing an additional 865,984 shares during the period. Deutsche Bank AG grew its position in Nuvei by 10.2% during the 3rd quarter. Deutsche Bank AG now owns 54,428 shares of the company’s stock worth $816,000 after purchasing an additional 5,030 shares during the last quarter. Finally, Scotia Capital Inc. grew its position in Nuvei by 13.2% during the 3rd quarter. Scotia Capital Inc. now owns 33,214 shares of the company’s stock worth $498,000 after purchasing an additional 3,861 shares during the last quarter. Hedge funds and other institutional investors own 42.45% of the company’s stock.

Analyst Upgrades and Downgrades

NVEI has been the subject of several recent research reports. Wells Fargo & Company decreased their target price on shares of Nuvei from $29.00 to $27.00 and set an “equal weight” rating for the company in a research note on Thursday, March 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $34.00 target price (up from $31.00) on shares of Nuvei in a research note on Tuesday, April 2nd. Canaccord Genuity Group dropped their target price on Nuvei from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada increased their price target on Nuvei from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Finally, Raymond James lifted their price objective on shares of Nuvei from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.94.

Nuvei Price Performance

Shares of NASDAQ:NVEI opened at $32.35 on Friday. Nuvei Co. has a 12 month low of $13.32 and a 12 month high of $43.81. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of -539.08, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The business’s 50 day simple moving average is $27.12 and its 200-day simple moving average is $22.71. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.05 and a quick ratio of 1.05.

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

Nuvei Dividend Announcement

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

Nuvei Company Profile

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.