William Blair Downgrades Nuvei (NASDAQ:NVEI) to Market Perform

Nuvei (NASDAQ:NVEIGet Free Report) was downgraded by investment analysts at William Blair from an “outperform” rating to a “market perform” rating in a report issued on Monday, Zacks.com reports.

A number of other equities research analysts also recently commented on NVEI. Raymond James upped their price objective on Nuvei from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Wolfe Research reiterated a “peer perform” rating on shares of Nuvei in a report on Tuesday. Wells Fargo & Company dropped their price objective on Nuvei from $29.00 to $27.00 and set an “equal weight” rating for the company in a report on Thursday, March 7th. BMO Capital Markets dropped their price objective on Nuvei from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, March 7th. Finally, 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 report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Nuvei currently has a consensus rating of “Moderate Buy” and an average price target of $31.88.

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Nuvei Price Performance

Nuvei stock opened at $32.26 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $4.50 billion, a P/E ratio of -537.58, a P/E/G ratio of 1.95 and a beta of 2.68. The business’s fifty day moving average is $26.07 and its two-hundred day moving average is $21.99. Nuvei has a 52 week low of $13.32 and a 52 week high of $43.81.

Nuvei (NASDAQ:NVEIGet Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $319.60 million. Equities research analysts forecast that Nuvei will post 1.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Capital International Investors boosted its position in Nuvei by 102.5% during the first quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock valued at $546,607,000 after purchasing an additional 3,679,400 shares during the last quarter. Wellington Management Group LLP boosted its position in Nuvei by 70.0% during the first quarter. Wellington Management Group LLP now owns 4,672,026 shares of the company’s stock valued at $352,221,000 after purchasing an additional 1,923,114 shares during the last quarter. Sylebra Capital LLC boosted its position in Nuvei by 281.8% during the fourth quarter. Sylebra Capital LLC now owns 2,060,386 shares of the company’s stock valued at $54,106,000 after purchasing an additional 1,520,721 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Nuvei during the fourth quarter valued at approximately $30,845,000. Finally, Nuveen Asset Management LLC boosted its position in Nuvei by 488.9% during the fourth quarter. Nuveen Asset Management LLC now owns 628,549 shares of the company’s stock valued at $16,578,000 after purchasing an additional 521,824 shares during the last quarter. 42.45% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Nuvei (NASDAQ:NVEI)

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