Raymond James & Associates Purchases Shares of 12,924 Nuvei Co. (NASDAQ:NVEI)

Raymond James & Associates purchased a new stake in Nuvei Co. (NASDAQ:NVEI) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 12,924 shares of the company’s stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in Nuvei by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock valued at $114,248,000 after buying an additional 865,984 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Nuvei by 21.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,194,800 shares of the company’s stock valued at $17,922,000 after acquiring an additional 214,800 shares during the period. Guardian Capital LP grew its position in shares of Nuvei by 33.3% in the 3rd quarter. Guardian Capital LP now owns 703,865 shares of the company’s stock valued at $10,605,000 after acquiring an additional 175,999 shares during the period. Cidel Asset Management Inc. grew its position in shares of Nuvei by 17.6% in the 3rd quarter. Cidel Asset Management Inc. now owns 609,662 shares of the company’s stock valued at $9,186,000 after acquiring an additional 91,294 shares during the period. Finally, Sylebra Capital LLC bought a new position in shares of Nuvei in the 3rd quarter valued at about $8,095,000. 42.45% of the stock is currently owned by institutional investors and hedge funds.

Nuvei Price Performance

Shares of NASDAQ NVEI opened at $32.28 on Monday. The stock has a market capitalization of $4.51 billion, a PE ratio of -537.91, a P/E/G ratio of 1.52 and a beta of 2.68. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.05 and a quick ratio of 1.05. The business has a fifty day moving average price of $28.55 and a two-hundred day moving average price of $24.12. Nuvei Co. has a fifty-two week low of $13.32 and a fifty-two week high of $42.50.

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

Nuvei Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders 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 annualized dividend and a dividend yield of 1.24%. Nuvei’s payout ratio is -333.28%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank of Canada lifted their price objective on shares of Nuvei from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Citigroup lifted their price objective on shares of Nuvei from $27.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. BMO Capital Markets decreased their price objective on shares of Nuvei from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, March 7th. National Bankshares increased their price target on shares of Nuvei from $23.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Finally, Canaccord Genuity Group lowered their price target on shares of Nuvei from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.94.

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.