Nuvei (NASDAQ:NVEI) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. downgraded shares of Nuvei (NASDAQ:NVEI) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have $34.00 price target on the stock, up from their prior price target of $32.00.

NVEI has been the subject of several other research reports. Citigroup boosted their price target on Nuvei from $27.00 to $34.00 and gave the company a neutral rating in a research note on Wednesday, April 3rd. Wolfe Research reissued a peer perform rating on shares of Nuvei in a report on Tuesday, April 2nd. BMO Capital Markets cut their price objective on Nuvei from $30.00 to $28.00 and set an outperform rating on the stock in a research note on Thursday, March 7th. The Goldman Sachs Group upped their target price on Nuvei from $21.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. Finally, UBS Group reiterated a neutral rating and set a $34.00 price target (up previously from $30.00) on shares of Nuvei in a report on Wednesday, April 3rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Nuvei presently has a consensus rating of Moderate Buy and an average target price of $32.06.

Nuvei Trading Up 0.4 %

NASDAQ:NVEI opened at $32.48 on Wednesday. The stock has a market cap of $4.53 billion, a PE ratio of -541.24, a price-to-earnings-growth ratio of 1.52 and a beta of 2.59. Nuvei has a fifty-two week low of $13.32 and a fifty-two week high of $42.50. 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 stock’s 50-day moving average is $29.75 and its two-hundred day moving average is $25.01.

Nuvei (NASDAQ:NVEI) last announced its quarterly earnings data on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $321.52 million during the quarter, compared to analyst estimates of $319.60 million. As a group, equities research analysts forecast that Nuvei will post 1.27 earnings per share for the current fiscal year.

Nuvei Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Tuesday, March 19th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, March 18th. This represents a $0.40 annualized dividend and a dividend yield of 1.23%. Nuvei’s dividend payout ratio (DPR) is currently -333.28%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NVEI. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Nuvei in the 4th quarter worth approximately $30,845,000. Wellington Management Group LLP raised its stake in Nuvei by 12.8% during the third quarter. Wellington Management Group LLP now owns 7,616,542 shares of the company’s stock worth $114,248,000 after acquiring an additional 865,984 shares in the last quarter. Sylebra Capital LLC acquired a new position in Nuvei during the third quarter worth $8,095,000. NewGen Asset Management Ltd acquired a new stake in shares of Nuvei in the 4th quarter valued at $11,160,000. Finally, Azora Capital LP bought a new stake in shares of Nuvei in the 4th quarter worth about $10,239,000. Institutional investors and hedge funds own 42.45% of the company’s stock.

About Nuvei

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.