Brokerages Set Nuvei Co. (NASDAQ:NVEI) Target Price at $32.06

Nuvei Co. (NASDAQ:NVEI) has earned an average recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $32.06.

Several research firms have weighed in on NVEI. Royal Bank of Canada boosted their price target on Nuvei from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. BMO Capital Markets reduced their price target 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. Wolfe Research restated a “peer perform” rating on shares of Nuvei in a research note on Tuesday, April 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $34.00 price objective (up previously from $31.00) on shares of Nuvei in a research note on Tuesday, April 2nd. Finally, Scotiabank restated a “sector perform” rating and set a $34.00 target price on shares of Nuvei in a research report on Tuesday, April 2nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Citigroup Inc. increased its stake in Nuvei by 2.6% during the 3rd quarter. Citigroup Inc. now owns 22,776 shares of the company’s stock worth $343,000 after buying an additional 576 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Nuvei by 1.7% in the fourth quarter. CIBC Asset Management Inc now owns 66,577 shares of the company’s stock worth $1,755,000 after acquiring an additional 1,112 shares during the last quarter. Swiss National Bank increased its position in shares of Nuvei by 1.0% during the first quarter. Swiss National Bank now owns 125,400 shares of the company’s stock worth $3,963,000 after purchasing an additional 1,200 shares in the last quarter. Addenda Capital Inc. raised its stake in Nuvei by 5.3% in the 1st quarter. Addenda Capital Inc. now owns 28,880 shares of the company’s stock valued at $913,000 after purchasing an additional 1,442 shares during the last quarter. Finally, Covestor Ltd purchased a new position in Nuvei in the 1st quarter valued at $58,000. 42.45% of the stock is owned by hedge funds and other institutional investors.

Nuvei Price Performance

Shares of NASDAQ NVEI opened at $32.46 on Friday. Nuvei has a fifty-two week low of $13.32 and a fifty-two week high of $37.41. The company has a market cap of $4.55 billion, a PE ratio of -811.50, a P/E/G ratio of 1.58 and a beta of 2.53. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.04 and a current ratio of 1.04. The business has a 50-day simple moving average of $32.20 and a two-hundred day simple moving average of $28.58.

Nuvei (NASDAQ:NVEI) last released its earnings results on Tuesday, May 7th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.05). Nuvei had a positive return on equity of 6.50% and a negative net margin of 0.39%. The company had revenue of $335.11 million during the quarter, compared to analyst estimates of $326.11 million. As a group, equities analysts expect that Nuvei will post 1.22 EPS for the current fiscal year.

Nuvei Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, May 21st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. Nuvei’s dividend payout ratio is currently -1,000.00%.

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.